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 7,200 122,130 136,800 131,400 Credit 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? 7,200 122,130 136,800 *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. d. How much manufacturing overhead was incurred for November? e. What was the Work-in-Process Inventory on November 1? f. What was the Work-in-Process Inventory on November 30? 131,400 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 $2,250 less than the beginning balance. The Finished Goods Inventory beginning balance on November 1 was $13,320. The September income statement shows revenues of $207,000 and a gross profit of $76,500.

FINANCIAL ACCOUNTING

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Chapter1: Financial Statements And Business Decisions

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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
7,200
122,130
136,800
131,400
Credit
7,200
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?
f. What was the Work-in-Process Inventory on November 30?
122,130
136,800
131,400
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 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 $2,250 less than the beginning balance. The Finished Goods Inventory
beginning balance on November 1 was $13,320.
The September income statement shows revenues of $207,000 and a gross profit of $76,500.

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Manufacturing overheads

The charges that are incurred throughout the production process is referred to as manufacturing overheads. They are not easily traced in the production and are composed of materials, labor and expenses particularly of indirect nature.

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