The following T-accounts represent November activity. Materials Inventory EB (11/30) 56,300 Work-In-Process Inventory BB (11/1) 32,000 Dir.Materials 85,900 Cost of Goods Sold Finished Goods Inventory EB (11/30) 102,000 Manufacturing Overhead Control Applied Manufacturing Overhead 267,000 Sales Revenue 802,000 Wages Payable Additional Data Materials of $113,600 were purchased during the month, and the balance in the Materials Inventory account increased by $10,300. Overhead is applied at the rate of 150 percent of direct labor cost. Sales are billed at 200 percent of cost of goods sold before the over- or underapplied overhead is prorated. The balance in the Finished Goods Inventory account decreased by $29,200 during the month before any proration of under-or overapplied overhead. Total credits to the Wages Payable account amounted to $199,000 for direct and indirect labor. Factory depreciation totaled $57,020. Overhead was underapplied by $25,460. Overhead other than indirect labor, indirect materials, and depreciation was $197,040, which required payment in cash. Underapplied overhead is to be allocated. The company has decided to allocate 20 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. Materials Inventory Beg. Bal. (11/1) Purchases Work-in-Process Inventory 32,000 85.900 Direct materials Indirect materials Beg. Bal. (11/1) Direct materials Direct labor Overhead applied Bal. End. Bal. (11/30) 56,300 117,900 End. Bal. (11/30) 117.900 Finished Goods Inventory Cost of Goods Sold Beg. Bal. (11/1) Beg. Bal. (11/1) Bal. 102,000 End. Bal. (11/30) 102,000 End. Bal. (11/30) Manufacturing Overhead Control Applied Manufacturing Overhead 267,000 Beg. Bal. (11/1) Beg. Bal. (11/1) Indirect materials End. Bal. (11/30) 267,000 End. Bal. (11/30) Wages Payable Sales Revenue Beg. Bal. (11/1) Beg. Bal. (11/1) 802,000 Direct labor End. Bal. (11/30) 802,000 End. Bal. (11/30) The following T-accounts represent November activity. Materials Inventory EB (11/30) 56,300 Work-In-Process Inventory BB (11/1) 32,000 Dir.Materials 85,900 Cost of Goods Sold Finished Goods Inventory EB (11/30) 102,000 Manufacturing Overhead Control Applied Manufacturing Overhead 267,000 Sales Revenue 802,000 Wages Payable Additional Data Materials of $113,600 were purchased during the month, and the balance in the Materials Inventory account increased by $10,300. Overhead is applied at the rate of 150 percent of direct labor cost. Sales are billed at 200 percent of cost of goods sold before the over- or underapplied overhead is prorated. The balance in the Finished Goods Inventory account decreased by $29,200 during the month before any proration of under-or overapplied overhead. Total credits to the Wages Payable account amounted to $199,000 for direct and indirect labor. Factory depreciation totaled $57,020. Overhead was underapplied by $25,460. Overhead other than indirect labor, indirect materials, and depreciation was $197,040, which required payment in cash. Underapplied overhead is to be allocated. The company has decided to allocate 20 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. Materials Inventory Beg. Bal. (11/1) Purchases Work-in-Process Inventory 32,000 85.900 Direct materials Indirect materials Beg. Bal. (11/1) Direct materials Direct labor Overhead applied Bal. End. Bal. (11/30) 56,300 117,900 End. Bal. (11/30) 117.900 Finished Goods Inventory Cost of Goods Sold Beg. Bal. (11/1) Beg. Bal. (11/1) Bal. 102,000 End. Bal. (11/30) 102,000 End. Bal. (11/30) Manufacturing Overhead Control Applied Manufacturing Overhead 267,000 Beg. Bal. (11/1) Beg. Bal. (11/1) Indirect materials End. Bal. (11/30) 267,000 End. Bal. (11/30) Wages Payable Sales Revenue Beg. Bal. (11/1) Beg. Bal. (11/1) 802,000 Direct labor End. Bal. (11/30) 802,000 End. Bal. (11/30)
