Homework SourseThe following Taccounts represent November activity Addition
The following T-accounts represent November activity.
Additional Data
Required:
Complete the T-accounts.
| Materials Inventory | |||
| EB (11/30) | 57,100 | ||
Solution
Working:
Allocation of under-applied overheads:
Work-in-process inventory: $26020 x 25% = $6505
Finished goods inventory: $26020 x 15% = $3903
Cost of goods sold: $26020 x 60% = $15612
| Materials Inventory | |||
| BB | 45800 | 86800 | Dir.Materials |
| Purchases | 113800 | 15700 | Indir. Materials |
| EB | 57100 | ||
| Work-In-Process Inventory | |||
| BB | 32900 | 373000 | Completed |
| Dir. Materials | 86800 | ||
| Dir. Labor ($270000/150%) | 180000 | ||
| Applied overheads | 270000 | ||
| EB | 196700 | ||
| Under-applied overhead | 6505 | ||
| Adj. EB | 399905 | ||
| Finished Goods Inventory | |||
| BB | 130000 | ||
| Completed | 373000 | 402000 | Cost of goods sold |
| EB | 101000 | ||
| Under-applied overhead | 3903 | ||
| Adj. EB | 205903 | ||
| Cost of Goods Sold | |||
| ($643200/160%) | 402000 | ||
| Under-applied overhead | 15612 | ||
| Adj. EB | 417612 | ||
| Manufacturing Overhead Control | |||
| Indir. Materials | 15700 | ||
| Indir. Labor | 20000 | ||
| Factory depreciation | 58250 | ||
| Other overheads | 202070 | ||
| EB | 296020 | ||
| Applied Manufacturing Overhead | |||
| 270000 | |||
| 26020 | |||
| 296020 | EB | ||
| Wages Payable | |||
| 180000 | Dir. Labor | ||
| 20000 | Indir. Labor | ||
| 200000 | EB | ||
| Sales Revenue | |||
| 643200 | |||
| 643200 | EB |
