7-51 (Algo) Assigning Costs: Missing Data (LO 7-2, 3) The following T-accounts represent November activity. Materials Inventory EB (11/30) 55,500 Finished Goods Inventory EB (11/30) 103,000 || Manufacturing Overhead Control Additional Data Wages Payable Work-In-Process Inventory 33,500 BB (11/1) Dir.Materials 86,300 Cost of Goods Sold Applied Manufacturing Overhead 262,500 Sales Revenue T 646,400 Materials of $112,200 were purchased during the month, and the balance in the Materials Inventory account increased by $10,900. Overhead is applied at the rate of 150 percent of direct labor cost. Sales are billed at 160 percent of cost of goods sold before the over- or underapplied overhead is prorated. The balance in the Finished Goods Inventory account decreased by $29,600 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 $50,640. Overhead was underapplied by $24,920. Overhead other than indirect labor, indirect materials, and depreciation was $195,780, 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, 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. Work-in-Process Inventory Beg. Bal. (11/1) Purchases Materials Inventory Beg. Bal. (11/1) 114,900 86,200 Direct materials Direct materials 33,500 86,300 Indirect materials Direct labor Overhead applied Bal. 119,800 End. Bal. (11/30) 55,500 End. Bal. (11/30) 119,800 Finished Goods Inventory Cost of Goods Sold Beg. Bal. (11/1) Beg. Bal. (11/1) Bal. 103,000 End. Bal. (11/30) 103,000 End. Bal. (11/30) Manufacturing Overhead Control Applied Manufacturing Overhead Beg. Bal. (11/1) Indirect materials Beg. Bal. (11/1) 262,500 End. Bal. (11/30) Wages Payable Beg. Bal. (11/1) End. Bal. (11/3 Screenshot End. Bal. (11/30) 262,500 Sales Revenue Beg. Bal. (11/1) 646,400 Direct labor End. Bal. (11/30) 646,400