Problem 7-51 (Algo) Assigning Costs: Missing Data (LO 7-2, 3) The following T-accounts represent November activity. Materials Inventory Work-In-Process Inventory EB ( 11/30) 55,900 BB (11/1) 31,900 Dir . Materials 85 , 600 Finished Goods Inventory Cost of Goods Sold EB (11/30) 103,000 Manufacturing Overhead Control Applied Manufacturing Overhead 268,500 Wages Payable Sales Revenue 646, 400 Additional Data . Materials of $112,200 were purchased during the month, and the balance in the Materials Inventory account increased by $10,200. Overhead is applied at the rate of 150 percent of direct labor cost. . Sales are billed at 160 percent of cost of goods sold before the over- or underapplied overhead is prorated. The balance in the Finished Goods Inventory account decreased by $29,000 during the month before any proration of under- or overapplied overhead. Total credits to the Wages Payable account amounted to $205,000 for direct and indirect labor. . Factory depreciation totaled $48,600 . Overhead was underapplied by $25,740. Overhead other than indirect labor, indirect materials, and depreciation was $203,240, which required payment in cash. Underapplied overhead is to be allocated. The company has decided to allocate 30 percent of underapplied overhead to Work-in-Process Inventory, 15 percent to Finished Goods Inventory, and the balance to Cost of Goods Sold. Balances shown in T-accounts are before any allocation. Required: Complete the T-accounts. Not all amount fields to be populated have accompanying descriptions.Required: Complete the T-accounts. Not all amount fields to be populated have accompanying descriptions. Materials Inventory Work-in-Process Inventory Beg. Bal. (11/1) Beg. Bal. (11/1) 31,900 Purchases Direct materials Direct materials 85,600 Indirect materials Direct labor Overhead applied End. Bal. (11/30) 55,900 Bal. End. Bal. (11/30) Finished Goods Inventory Cost of Goods Sold Beg. Bal. (11/1) Beg. Bal. (11/1) Bal. 103,000 End. Bal. (11/30) End. Bal. (11/30) Manufacturing Overhead Control Applied Manufacturing Overhead Beg. Bal. (11/1) Beg. Bal. (11/1) 268,500 Indirect materials End. Bal. (11/30) End. Bal. (11/30) Wages Payable Sales Revenue Beg. Bal. (11/1) Beg. Bal. (11/1) 646,400 Direct labor End. Bal. (11/30) End. Bal. (11/30)