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Problem 7-70 (Algo) Find Missing Data (LO 7-2, 3) Accounting records for Antoinette Designs (AD) for November show the following (each entry is the
Problem 7-70 (Algo) Find Missing Data (LO 7-2, 3) Accounting records for Antoinette Designs (AD) for November show the following (each entry is the total of the actual entries for the account for the month): Account Titles Work-in-Process Inventory (Direct Labor) Debit 7,560 Credit Wages Payable 7,560 Direct Materials Inventory 123,030 Accounts Payable Finished Goods Inventory Work-in-Process Inventory 123,030 137,700 137,700 Cost of Goods Solda Finished Goods Inventory 139,545 139,545 aThis entry does not include any over- or underapplied overhead. Over- or underapplied overhead is written off to Cost of Goods Sold once for the month. For November, the amount written off was 5 percent of overhead applied for November. Overhead is applied on the basis of direct labor costs. The Work-in-Process Inventory ending account balance on November 30 was 125 percent of the beginning balance. The Direct Materials Inventory ending balance on November 30 was $3,150 less than the beginning balance. The Finished Goods Inventory beginning balance on November 1 was $18,720. The September income statement shows revenues of $216,000 and a gross profit of $77,400. Required: a. What was the finished goods inventory balance on November 30? b. How much manufacturing overhead was applied for November? c. What was the manufacturing overhead rate for November? d. How much manufacturing overhead was incurred for November? e. What was the Work-in-Process Inventory on November 1? f. What was the Work-in-Process Inventory on November 30? Complete this question by entering your answers in the tabs below. Required A Required B Required C Required D Required E What was the finished goods inventory balance on November 30? Ending inventory Required F
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