The following T-accounts represent November activity. Materials of $115,300 were purchased during the month, and the balance in the Materials Inventory account increased by $11,400.

 The following T-accounts represent November activity.

 

 

Additional Data

 

• Materials of $115,300 were purchased during the month, and the balance in the Materials Inventory account increased by $11,400.
• Overhead is applied at the rate of 150 percent of direct labor cost.
• Sales are billed at 170 percent of cost of goods sold before the over- or underapplied overhead is prorated.
• The balance in the Finished Goods Inventory account decreased by $28,900 during the month before any proration of under- or overapplied overhead.
• Total credits to the Wages Payable account amounted to $201,000 for direct and indirect labor.
• Factory depreciation totaled $51,950.
• Overhead was underapplied by $25,520. Overhead other than indirect labor, indirect materials, and depreciation was $202,270, 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.

Complete the T-accounts. Not all amount fields to be populated have accompanying descriptions.

Answer

 

 

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