Problem $7-54($Algo$)$ Assigning Costs: Missing Data $($LO $7-2,3)$

The following T$-$accounts represent September activity for Kelly Tools:

Materials InventoryDebitCreditEnding Balance $(9/30)39,700$

Work$-$in$-$Process InventoryDebitCreditBeginning Balance $(9/1)23,100$Direct Labor$119,000$

Finished Goods InventoryDebitCreditEnding Balance $(9/30)68,700$

Cost of Goods SoldDebitCredit$$

Manufacturing Overhead AppliedDebitCredit$130,620$

Manufacturing Overhead ControlDebitCredit$$

Wages PayableDebitCredit$$

Sales RevenueDebitCredit$497,000$

Additional Data

Sales are billed at $175$ percent of Cost of Goods Sold before the over$-$ or underapplied overhead is prorated.

Materials of $$78,500$ were purchased during the month, and the balance in the Materials Inventory account increased by $$6,700$

Overhead is applied at the rate of $210$ percent of direct materials cost.

The balance in the Finished Goods Inventory account decreased by $$21,200$ during the month before any proration of under$-$ or overapplied overhead.

Total credits to the Wages Payable account amounted to $$136,800$ for direct and indirect labor.

Factory depreciation totaled $$34,200.$

Overhead was overapplied by $$18,200.$ Overhead other than indirect labor, indirect materials, and depreciation incurred was $$56,350,$ which required payment in cash. Overapplied overhead is to be allocated.

The company has decided to allocate $12$ percent of overapplied overhead to Work$-$in$-$Process Inventory, $23$ 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. Problem $7-54($Algo$)$ Assigning Costs: Missing Data $($LO $7-2,3)$

The following T$-$accounts represent September activity for Kelly Tools:

Additional Data

$-$ Sales are billed at $175$ percent of Cost of Goods Sold before the over$-$ or underapplied overhead is prorated.

$-$ Materials of $\backslash (\backslash$$ $78,500\backslash )$ were purchased during the month, and the balance in the Materials Inventory account increased by $\backslash (\backslash$$ $6,700\backslash )$

$-$ Overhead is applied at the rate of $210$ percent of direct materials cost.

$-$ The balance in the Finished Goods Inventory account decreased by $\backslash (\backslash$$ $21,200\backslash )$ during the month before any proration of under$-$ or overapplied overhead.

$-$ Total credits to the Wages Payable account amounted to $\backslash (\backslash$$ $136,800\backslash )$ for direct and indirect labor.

$-$ Factory depreciation totaled $\backslash (\backslash$$ $34,200\backslash ).$

$-$ Overhead was overapplied by $\backslash (\backslash$$ $18,200\backslash ).$ Overhead other than indirect labor, indirect materials, and depreciation incurred was $\backslash (\backslash$$ $56,350\backslash ),$ which required payment in cash. Overapplied overhead is to be allocated.

$-$ The company has decided to allocate $12$ percent of overapplied overhead to Work$-$in$-$Process Inventory, $23$ 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.