Question: Problem 7 - 7 0 ( Static ) Find Missing Data ( LO 7 - 2 , 3 ) Accounting records for Antoinette Designs (
Problem Static Find Missing Data LO
Accounting records for Antoinette Designs AD for November show the following each entry is the total of the actual entries for the account for the month:
tableAccount Titles,Debit,CreditWorkinProcess Inventory Direct LaborWages Payable,,Direct Materials Inventory,Accounts Payable,,Finished Goods Inventory,WorkinProcess Inventory,,Cost of Goods Sold aFinished Goods Inventory,,
aThis entry does not include any over or underapplied overhead. Over or underapplied overhead is written off to Cost of Goods Sold once for the month. For November, the amount written off was percent of overhea applied for November. Overhead is applied on the basis of direct labor costs.
The WorkinProcess Inventory ending account balance on November was percent of the beginning balance. The Direct Materials Inventory ending balance on November was $ less than the beginning balance. The Finished Goods Inventory beginning balance on November was $
The September income statement shows revenues of $ and a gross profit of $
Required:
a What was the finished goods inventory balance on November
b How much manufacturing overhead was applied for November?
c What was the manufacturing overhead rate for November?
d How much manufacturing overhead was incurred for November?
e What was the WorkinProcess Inventory on November
f What was the WorkinProcess Inventory on November
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