Problem 7-51 (Algo) Assigning Costs: Missing Data (LO 7-2, 3)

The following T-accounts represent November activity

	Materials Inventory
EB (11/30) 57,100

	Work In Process Inventory
BB (11/1) 32,900
Dir. Materials 85,900

	Finished Goods Inventory
EB (11/30) 102,000

	Cost of Goods Sold

	Manufacturing Overhead Control

	Applied Manufacturing Overhead
		265,500

	Wages Payable

	Sales Revenue
		648,000

Additional Data

• Materials of $114,800 were purchased during the month, and the balance in the Materials Inventory account increased by $10,500.
• 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 $28,200 during the month before any proration of under- or overapplied overhead.
• Total credits to the Wages Payable account amounted to $200,000 for direct and indirect labor.
• Factory depreciation totaled $52,790.
• Overhead was underapplied by $25,860. Overhead other than indirect labor, indirect materials, and depreciation was $197,170, which required payment in cash. Underapplied overhead is to be allocated.
• The company has decided to allocate 20 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.