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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): Account Titles Work-in-Process Inventory (Direct Labor) Wages Payable Direct Materials Inventory Accounts Payable Finished Goods Inventory Work-in-Process Inventory Cost of Goods Solda Finished Goods Inventory Debit Credit 7,760 7,760 123,530 123,530 138,200 138,200 144,070 144,070 *This 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 5 percent of overhead applied for November. Overhead is applied on the basis of direct labor costs. The Work-In-Process Inventory ending account balance on November 30 was 125 percent of the beginning balance. The Direct Materials Inventory ending balance on November 30 was $3,650 less than the beginning balance. The Finished Goods Inventory beginning balance on November 1 was $21,720. The September Income statement shows revenues of $221,000 and a gross profit of $77,900. Required: a. What was the finished goods Inventory balance on November 30? 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 Work-In-Process Inventory on November 1?

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): Account Titles Work-in-Process Inventory (Direct Labor) Wages Payable Direct Materials Inventory Accounts Payable Finished Goods Inventory Work-in-Process Inventory Cost of Goods Solda Finished Goods Inventory Debit Credit 7,760 7,760 123,530 123,530 138,200 138,200 144,070 144,070 *This 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 5 percent of overhead applied for November. Overhead is applied on the basis of direct labor costs. The Work-In-Process Inventory ending account balance on November 30 was 125 percent of the beginning balance. The Direct Materials Inventory ending balance on November 30 was $3,650 less than the beginning balance. The Finished Goods Inventory beginning balance on November 1 was $21,720. The September Income statement shows revenues of $221,000 and a gross profit of $77,900. Required: a. What was the finished goods Inventory balance on November 30? 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 Work-In-Process Inventory on November 1?

Principles of Cost Accounting
Principles of Cost Accounting
17th Edition
ISBN:9781305087408
Author:Edward J. Vanderbeck, Maria R. Mitchell
Publisher:Edward J. Vanderbeck, Maria R. Mitchell
Chapter2: Accounting For Materials
Section: Chapter Questions
Problem 5P: Inventory costing methods The purchases and issues of rubber gaskets (Materials Ledger #11216) as...
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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): Account Titles Work-in-Process Inventory (Direct Labor) Wages Payable Direct Materials Inventory Accounts Payable Finished Goods Inventory Work-in-Process Inventory Cost of Goods Solda Finished Goods Inventory Debit Credit 7,760 7,760 123,530 123,530 138,200 138,200 144,070 144,070 *This 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 5 percent of overhead applied for November. Overhead is applied on the basis of direct labor costs. The Work-In-Process Inventory ending account balance on November 30 was 125 percent of the beginning balance. The Direct Materials Inventory ending balance on November 30 was $3,650 less than the beginning balance. The Finished Goods Inventory beginning balance on November 1 was $21,720. The September Income statement shows revenues of $221,000 and a gross profit of $77,900. Required: a. What was the finished goods Inventory balance on November 30? 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 Work-In-Process Inventory on November 1?
Transcribed Image Text: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): Account Titles Work-in-Process Inventory (Direct Labor) Wages Payable Direct Materials Inventory Accounts Payable Finished Goods Inventory Work-in-Process Inventory Cost of Goods Solda Finished Goods Inventory Debit Credit 7,760 7,760 123,530 123,530 138,200 138,200 144,070 144,070 *This 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 5 percent of overhead applied for November. Overhead is applied on the basis of direct labor costs. The Work-In-Process Inventory ending account balance on November 30 was 125 percent of the beginning balance. The Direct Materials Inventory ending balance on November 30 was $3,650 less than the beginning balance. The Finished Goods Inventory beginning balance on November 1 was $21,720. The September Income statement shows revenues of $221,000 and a gross profit of $77,900. Required: a. What was the finished goods Inventory balance on November 30? 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 Work-In-Process Inventory on November 1?
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