General-Ledger Relationships; Incomplete Data You are asked to bring the

/ following incomplete accounts up to date through May, 19_1. Also consider

\_/’ the additional information that follows the T-accounts.

STORES CONTROL ACCOUNTS PAYABLE Shh / A 4/30/_1 Balance 18,000 Balance 10,000 DEPARTMENT FACTORY WORK-IN-PROCESS CONTROL OVERHEAD CONTROL 4/30/_1 ; Total Balance 2,000 charges for May 15,000 FACTORY OVERHEAD APPLIED FINISHED-GOODS CONTROL COST OF GOODS SOLD 4/30/_1 Balance 25,000 OF NOOAWDH>
in Nh —
il Additional Information _ The overhead is applied by using a predetermined rate that is set at the beginning of each year by forecasting the year’s overhead and relating it to forecasted direct-labor hours. The budget for 19_1 called for a total of 150,000 hours of direct labor and $225,000 of factory overhead.
_ The accounts payable are for direct materials only. The balance on May 31 was $5,000. Payments of $35,000 were made during May.
. The finished-goods inventory as of May 31 was $22,000.
. The cost of goods sold during the month was $65,000.
- On May 31 there was only one unfinished job in the factory. Cost records show that $1,000 (400 hours) of direct labor and $2,000 of direct material had been charged to the job.
- A total of 9,400 direct man-hours were worked during the month of May. All factory workers earn the same rate of pay.
_ All “actual” factory overhead incurred during May has already been posted.
. Materials purchased during May.
. Cost of goods completed during May.
. Overhead applied during May.
_ Balance, Work in Process, May 31, 19_1.
Materials used during May.
_ Balance, Stores Control, April 30, 19_1.
. Over- or underapplied overhead for May. lop4