Analyzing manufacturing cost accounts OBJ. 2 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 31 Purchases 105,600 500,000 May 31 Requisitions (A)

Work in Process May 1 Balance 31 Materials

(B)

(C)

31 Direct labor (D)

31 Factory overhead applied (E)

May 31 Completed jobs (F)

Factory Overhead May 1 Balance 31 Indirect labor 26,400

(H)

31 Indirect materials 15,400 31 Other overhead 122,500 May 31 Factory overhead applied (E)

Finished Goods Wages Payable May 1 Balance 31 Completed jobs 0

(F)

May 31 Cost of goods sold (G)

May 31 Wages incurred 396,000 In addition, the following information is available:

a. Materials and direct labor were applied to six jobs in May:

Job No. Style Quantity Direct Materials Direct Labor 101 AF1 330 $ 82,500 $ 59,400 102 AF3 380 105,400 72,600 103 AF2 500 132,000 110,000 104 VY1 400 66,000 39,600 105 VY2 660 118,800 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:

Job No. Style Work in Process, May 1 Job 101 AF1 $26,400 Job 102 AF3 46,000 Total $72,400

d. Customer jobs completed and units sold in May were as follows:
Job No. Style Completed in May Units Sold in May 101 AF1 X 264 102 AF3 X 360 103 AF2 0 104 VY1 X 384 105 VY2 X 530 106 AF4 0 Instructions 1. Determine the missing amounts associated with each letter. Provide supporting calculations by completing a table with the following headings:
Job No. Quantity May 1 Work in Process Direct Materials Direct Labor Factory Overhead Total Cost Unit Cost Units Sold Cost of Goods Sold 2. Determine the May 31 balances for each of the inventory accounts and factory overhead.