Big Wave Company manufactures surf boards in a wide variety of sizes and styles. The following incomplete ledger accounts refer to transactions that are summarized for July:

In addition, the following information is available:
a. Materials and direct labor were applied to six jobs in July:

b. Factory overhead is applied to each job at a rate of 160% of direct labor cost.
c. The July 1 Work in Process balance consisted of two jobs, as follows:

d. Customer jobs completed and units sold in July were as follows:

Instructions
1. Determine the missing amounts associated with each letter. Provide supporting calculations by completing a table with the following headings:

2. Determine the July 31 balances for each of the inventory accounts and factoryoverhead.

Transcribed Image Text:

Materials July 1 Balance 30,000 120,000 July 31 Requisitions (A) 31 Purchases Work in Process July 1 Balance (B) July 31 Completed jobs (F) 31 Materials (C) (D) (E) 31 Direct labor 31 Factory overhead applied Finished Goods 0 July 31 (F) July 1 31 Completed jobs Cost of goods sold Balance (G) Wages Payable Wages incurred July 31 120,000 Factory Overhead 22,000 July 31 (H) July 1 31 Balance Factory overhead applied (E) Indirect labor 31 Indirect materials 16,000 95,000 31 Other overhead