Clapton Company manufactures custom guitars in a wide variety of styles. The following Incomplete ledger accounts...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
Clapton Company manufactures custom guitars in a wide variety of styles. The following Incomplete ledger accounts refer to transactions that are summarized for May: Materials May 1 Balance 105,600 May 31 Requisitions (A) May 31 Purchases 500,000 Work in Process May 1 Balance May 31 Materials (B) May 31 Completed jobs (F) (C) May 31 Direct labor (D) May 31 Factory overhead applied (E) May 1 Balance Finished Goods 0 May 31 Cost of goods sold May 31 Completed jobs (F) Wages Payable May 31 Wages incurred 396,000 Factory Overhead 26,400 May 31 Factory overhead applied (E) May 1 Balance May 31 Indirect labor May 31 Indirect materials May 31 Other overhead (H) 15,400 122,500 In addition, the following information is available: a. Materials and direct labor were applied to six jobs in May: Job No. Style AF1 Quantity Direct Materials Direct Labor 330 $82,500 $59,400 102 AF3 380 105,400 72,600 103 AF2 500 132,000 110,000 104 VY1 400 66,000 39,600 VY2 118,800 66,000 106 AF4 330 66,000 30,800 Total 2,600 $570,700 $378,400 b. Factory overhead is applied to each job at a rate of 50% of direct labor cost. c. The May 1 Work in Process balance consisted of two jobs, as follows: Work In Process, Job No. Style May 1 101 AFL $26,400 102 AF3 Total 46,000 $72,400 d. Customer jobs completed and units sold in May were as follows: Completed Units Sold Job No. Style In May In May x 102 360 103 AF2 104 VY1 X 384 530 106 AF4 Required: 1. Determine the missing amounts associated with each letter by completing the table below. If required, round your answer to two decimal places. If an answer is zero, enter in "0". Enter amounts as positive numbers. May 1 Work In Job No. Style Quantity Process Direct Materials Direct Labor Factory Overhead Total Cost Unit Cost Units Sold Cost of Goods Sold No. 101 AFI 330 $82,500 No. 102 AF3 380 105,400 $59,400 72,600 No. 103 AF2 500 132,000 110,000 No. 104 VYL 400 66,000 39,600 No. 105 VY2 660 118,800 66,000 No. 106 AF4 330 66,000 30,800 Total 2,600 $570,700 $378,400 a. Materials Requisitions b. Work in Process Beginning Balance c. Direct Materials d. Direct Labor e. Factory overhead applied f. Completed jobs g. Cost of goods sold h. Indirect labor 2. Determine the May 31 balances for each of the Inventory accounts and factory overhead. Enter all amounts as positive numbers. Materials Work in Process Finished Goods Factory Overhead Clapton Company manufactures custom guitars in a wide variety of styles. The following Incomplete ledger accounts refer to transactions that are summarized for May: Materials May 1 Balance 105,600 May 31 Requisitions (A) May 31 Purchases 500,000 Work in Process May 1 Balance May 31 Materials (B) May 31 Completed jobs (F) (C) May 31 Direct labor (D) May 31 Factory overhead applied (E) May 1 Balance Finished Goods 0 May 31 Cost of goods sold May 31 Completed jobs (F) Wages Payable May 31 Wages incurred 396,000 Factory Overhead 26,400 May 31 Factory overhead applied (E) May 1 Balance May 31 Indirect labor May 31 Indirect materials May 31 Other overhead (H) 15,400 122,500 In addition, the following information is available: a. Materials and direct labor were applied to six jobs in May: Job No. Style AF1 Quantity Direct Materials Direct Labor 330 $82,500 $59,400 102 AF3 380 105,400 72,600 103 AF2 500 132,000 110,000 104 VY1 400 66,000 39,600 VY2 118,800 66,000 106 AF4 330 66,000 30,800 Total 2,600 $570,700 $378,400 b. Factory overhead is applied to each job at a rate of 50% of direct labor cost. c. The May 1 Work in Process balance consisted of two jobs, as follows: Work In Process, Job No. Style May 1 101 AFL $26,400 102 AF3 Total 46,000 $72,400 d. Customer jobs completed and units sold in May were as follows: Completed Units Sold Job No. Style In May In May x 102 360 103 AF2 104 VY1 X 384 530 106 AF4 Required: 1. Determine the missing amounts associated with each letter by completing the table below. If required, round your answer to two decimal places. If an answer is zero, enter in "0". Enter amounts as positive numbers. May 1 Work In Job No. Style Quantity Process Direct Materials Direct Labor Factory Overhead Total Cost Unit Cost Units Sold Cost of Goods Sold No. 101 AFI 330 $82,500 No. 102 AF3 380 105,400 $59,400 72,600 No. 103 AF2 500 132,000 110,000 No. 104 VYL 400 66,000 39,600 No. 105 VY2 660 118,800 66,000 No. 106 AF4 330 66,000 30,800 Total 2,600 $570,700 $378,400 a. Materials Requisitions b. Work in Process Beginning Balance c. Direct Materials d. Direct Labor e. Factory overhead applied f. Completed jobs g. Cost of goods sold h. Indirect labor 2. Determine the May 31 balances for each of the Inventory accounts and factory overhead. Enter all amounts as positive numbers. Materials Work in Process Finished Goods Factory Overhead
Expert Answer:
Related Book For
Financial and Managerial Accounting
ISBN: 978-1285078571
12th edition
Authors: Carl S. Warren, James M. Reeve, Jonathan Duchac
Posted Date:
Students also viewed these accounting questions
-
As firms increase product variation due to differential packaging or labeling, product line complexity increases. Discuss and rationalize the trade-offs between increased product complexity, process...
-
Clapton Company manufactures custom guitars in a wide variety of styles. The following incomplete ledger accounts refer to transactions that are summarized for May: In addition, the following...
-
Jagger and Richards Company manufactures custom guitars in a wide variety of styles. The following incomplete ledger accounts refer to transactions that are summarized for October: In addition, the...
-
Susan recently quit working for a local firm and has yet to find a new job. She knows she can maintain her health insurance from her old employer due to COBRA. How much will it likely cost her for...
-
Jim Riddle has a credit card that charges 10% annual interest on the monthly average daily balance for the billing cycle. The current billing cycle has 29 days. For 15 days his balance was $2,534.95....
-
Was there a bailment?
-
At the end of October, Murphy Companys management estimates the uncollectible accounts expense to be 1 percent of net sales of $1,385,000. Prepare the entry to record the uncollectible accounts...
-
Real Cool produces two different models of air conditioners. The company produces the mechanical systems in their components department. The mechanical systems are combined with the housing assembly...
-
How did the equation end up to be 3-4x / (2x+3)^4 ? I have used the chain rule and only my denominator is correct, for the numerator I have -6x
-
Court Opinion 4-1 United States V. Yoshida, 303 F.3d 1145 (9th Cir. 2002) Section 1324(a)(1)(A)(iv) makes it a crime to (1) encourage or induce, (2) an alien to come to the United States, (3) while...
-
Richards Corporation uses the FIFO method of process costing. The following information is available for October in its Fabricating department: Direct materials Conversion Percent Units Percent...
-
Why do companies aim to earn profits? Should all organizations attempt to earn profits? If you think that some organizations should not attempt to earn profits, on what basis would you decide which...
-
Profit figures are wanted by so many different groups of people for so many different purposes that it is not possible to define and measure profits in such a way as to meet all of those different...
-
How interference is gears can be minimized?
-
Is it possible to calculate the value of a company? If not, why not? If so, how?
-
How many are the minimum number of teeth on the pinion for a rack of 20 pressure angle?
-
Please help with both requirements Laurel wants to take the next five years off work to travel around the world. She estimates her annual cash needs at \( \$ 28,000 \) (if she needs more, she'll work...
-
1. Which of the four major types of information systems do you think is the most valuable to an organization? 2. How do you critically associate the ideas of business agility and business efficiency...
-
Why is pricing strategy so important to profitability?
-
The Retained Earnings, Dividends, and Income Summary accounts for Lous Hair Salon, Inc., are shown in T account form below. The closing entries have been recorded for the year ended December 31,...
-
What are the elements of cost control?
Study smarter with the SolutionInn App