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The following T-accounts represent November activity.

Materials Inventory
EB (11/30)	56,500

Work-In-Process Inventory
BB (11/1)	32,700
Dir.Materials	86,800

Finished Goods Inventory
EB (11/30)	100,000

Cost of Goods Sold

Manufacturing Overhead Control

Applied Manufacturing Overhead
		258,000

Wages Payable

Sales Revenue
		727,200

Additional Data

• Materials of $114,800 were purchased during the month, and the balance in the Materials Inventory account increased by $10,100.
• Overhead is applied at the rate of 150 percent of direct labor cost.
• Sales are billed at 180 percent of cost of goods sold before the over- or underapplied overhead is prorated.
• The balance in the Finished Goods Inventory account decreased by $28,600 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 $30,170.
• Overhead was underapplied by $24,480. Overhead other than indirect labor, indirect materials, and depreciation was $201,410, 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, 10 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 Work-in-Process Inventory Beg. Bal. (11/1) Beg. Bal. (11/1) 32,700 Purchases Direct materials Direct materials 86,800 Indirect materials Direct labor Overhead applied End. Bal. (11/30) 56,500 Bal. 119,500 End. Bal. (11/30) 119,500 Finished Goods Inventory Cost of Goods Sold Beg. Bal. (11/1) Beg. Bal. (11/1) Bal. 100,000 End. Bal. (11/30) 100,000 End. Bal. (11/30) Manufacturing Overhead Control Applied Manufacturing Overhead Beg. Bal. (11/1) Beg. Bal. (11/1) 258,000 Indirect materials End. Bal. (11/30) 258,000 End. Bal. (11/30) Wages Payable Sales Revenue Beg. Bal. (11/1) Beg. Bal. (11/1) 727,200 Direct labor End. Bal. (11/30) 727,200 End. Bal. (11/30)

WEEK FOUR: CHAPTER SEVEN HOMEWORK Saved 3 Problem 7-51 (Algo) Assigning Costs: Missing Data (LO 7-2, 3) The following T-accounts represent November activity. 25 points Materials Inventory EB (11/30) 56,500 Work-In-Process Inventory BB (11/1) 32,700 Dir.Materials 86,800 Cost of Goods Sold eBook Finished Goods Inventory EB (11/30) 100,000 Manufacturing Overhead Control Applied Manufacturing Overhead 258,000 Print Wages Payable Sales Revenue 727,200 References Additional Data Materials of $114,800 were purchased during the month, and the balance in the Materials Inventory account increased by $10.100. Overhead is applied at the rate of 150 percent of direct labor cost. Sales are billed at 180 percent of cost of goods sold before the over- or underapplied overhead is prorated. The balance in the Finished Goods Inventory account decreased by $28,600 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 $30,170. Overhead was underapplied by $24,480. Overhead other than indirect labor, indirect materials, and depreciation was $201,410, 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, 10 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. 3 Materials Inventory Beg. Bal. (11/1) Purchases Work-in-Process Inventory 32,700 86,800 Direct materials Indirect materials 25 points Beg. Bal. (11/1) Direct materials Direct labor Overhead applied Bal. End. Bal. (11/30) 56,500 End. Bal. (11/30) eBook Finished Goods Inventory Cost of Goods Sold Print Beg. Bal. (11/1) Beg. Bal. (11/1) Bal. Re 100,000 References End. Bal. (11/30) End. Bal. (11/30) Manufacturing Overhead Control Applied Manufacturing Overhead 258,000 Beg. Bal. (11/1) Beg. Bal (11/1) Indirect materials End. Bal. (11/30) End. Bal. (11/30) Wages Payable Sales Revenue Beg. Bal. (11/1) Beg. Bal. (11/1) 727,200 Direct labor End. Bal. (11/30) End. Bal. (11/30)

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