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In: Accounting

The following T-accounts represent November activity. Materials Inventory EB (11/30) 56,400 Work-In-Process Inventory BB (11/1) 32,600...

The following T-accounts represent November activity.

Materials Inventory
EB (11/30) 56,400
Work-In-Process Inventory
BB (11/1) 32,600
Dir.Materials 86,200
Finished Goods Inventory
EB (11/30) 101,000
Cost of Goods Sold
Manufacturing Overhead Control
Applied Manufacturing Overhead
264,000
Wages Payable
Sales Revenue
725,400

Additional Data

  • Materials of $113,600 were purchased during the month, and the balance in the Materials Inventory account increased by $11,000.
  • 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 $202,000 for direct and indirect labor.
  • Factory depreciation totaled $48,200.
  • Overhead was underapplied by $25,080. Overhead other than indirect labor, indirect materials, and depreciation was $198,480, which required payment in cash. Underapplied overhead is to be allocated.
  • The company has decided to allocate 25 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.

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