870 PR 2-4A Analyzing manufacturing cost accounts OBJ. 2 Fire Rock Company manufactures designer paddle boards in a wide variety of sizes and styles. The following incomplete ledger accounts refer to transactions that are summarized for June: Materials June 1 Balance 82,500 June 30 Requisitions A) 30 Purchases 330,000 Work in Process June Balance (B) June 30 Completed jobs (F) 30 Materials (C) 30 Direct labor ID) 30 Factory overhead applied IE) Finished Goods 1 June June 30 1 Balance 30 Completed jobs 0 (F) Cost of goods sold (G) Wages Payable June 30 Wages incurred 330,000 Factory Overhead June 1 June 30 Factory overhead applied IE) Balance 30 Indirect labor 30 Indirect materials 30 Other overhead 33,000 TH) 44 000 237.500 (Continued) Chapter 2 Job Order Costing In addition, the following information is available: Materials and direct labor were applied to six jobs in June Job No. Style Quantity Direct Materials 201 T100 550 $ 55,000 202 T200 1,100 93,500 203 T400 550 38,500 204 5200 660 82.500 205 T300 480 60,000 206 $100 380 22.000 Total 3,720 $351,500 Direct Labor $ 41,250 71,500 22.000 69,300 48,000 12,400 $264,450 b. Factory overhead is applied to cach job at a rate of 140% of direct labor cost. c. The June 1 Work in Process balance consisted of two jobs, as follows: Job No. Job 201 Job 202 Total Style T100 T200 Work in Process, June 1 $16.500 44,000 $60,500 d. Customer jobs completed and units sold in June were as follows: Completed in June X Job No. 201 202 203 204 205 206 Style T100 T200 T400 5200 T300 S100 Units Sold in June 440 880 0 570 420 0 Instructions 1. Determine the missing amounts associated with each letter. Provide supporting calcu- lations by completing a table with the following headings: June 1 Work in Quantity Process Job No. Direct Materials Direct Labor Factory Overhead Total Cost Unit Cost Units Sold Cost of Goods Sold 2. Determine the June 30 balances for each of the inventory accounts and factory overhead. From PR 2-5A Flow of costs and income statement Ginocer Ino i 25 Styles Cells w c D E F 1 K L M N 5 7 0 P 0 R T V 8 G June 1 Work in Process $ 16,500 44,000 Factory Overhead Total Cost Unit Cost Quantity 550 1,100 550 U Cost of Goods Sold Job. No. No 201 No 202 No 203 No. 204 No 205 No. 206 Total 19 20 21 22 23 24 25 Direct Materials 5 55,000 93,500 38,500 82,500 60,000 22,000 $351,500 Units Sold 440 880 Direct Labor $ 41 250 71,500 22 000 69,300 48,000 12.400 5264 450 480 380 3,720 570 420 25 27 28 29 A Materials requisitions 31 8 Work in process, June 1 $ 60, 500 C Work in process materials 33 34 35 36 37 D Work in process direct labor E F 29 40 41 42 Work in process factory overhead applied Work in process completed jobs transferred out Cost of goods sold G H 43 44 Indirect labor included in factory overhead 45 46 2 47 June 30 balances: Materals 4B 49 50 Work in Process Finished Goods Factory Overhead 58 Pr. 1762) 4A 1 Bet