analyzing manufacturing cost accounts

Analyzing Manufacturing Cost Accounts 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 Completed jobs (F) May 1 May 31 May 31 May 31 Balance Materials Direct labor Factory overhead applied (B) May 31 (C) (D) (E) (G) Cost of goods sold May 1 May 31 Finished Goods of May 31 ( Balance Completed Jobs Wages Payable May 31 Wages incurred 396,000 Wages Payable May 31 Wages incurred 396,000 (0) Factory Overhead May 1 Balance 26,400 May 31 Factory overhead applied May 31 Indirect labor (H) May 31 Indirect materials 15,400 May 31 Other overhead 122,500 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 AF1 330 $ 82,500 $ 59,400 102 AF3 380 105,400 72,600 103 AF2 500 132.000 110,000 104 VY: 400 66,000 39,600 105 VY2 660 118.800 66,000 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: 101 106 Job No. Style May 1 Job 101 AF1 526,400 Job 102 AF3 46,000 Total $72,400 d. Customer jobs completed and units sold in May were as follows: Completed Units Sold Job No. Style in May In May 101 AFI X 264 102 AF3 X 360 AF2 0 103 104 384 VY: 105 VY2 X 530 0 106 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 awes enter in "0". Enter amounts as positive numbers Total Cost Unit Cost Factory Overhead Direct Labor Direct Materials Job No. Style May 1 Work in Process Quan tity $82,500 $59,400 AF1 No. 101 330 105.400 72.600 AF3 380 No. 102 110.000 132.000 AF2 No. 103 500 Net Previous 0 sociated with each letter by completing the table below. If required, round your answer to two decimal places. If an answer is zero, numbers. - Work in ocess Direct Materials Direct Labor Factory Overhead Total Cost Unit Cost Units Sold Cost of Goods Sold $82,500 $59,400 105,400 72,600 132,000 110,000 66,000 39,600 118,800 66,000 66,000 30.800 $570,700 $379,400 Ince D Previous Next No. 103 AP2 TER 500 132,000 110,000 39,600 No. 104 VY 400 66,000 No. 105 W2 660 118,800 66,000 No. 106 AF4 66,000 30,800 $378,400 330 Total 2,600 $570,700 a. Materials Requisitions b. Work In Process Beginning Balance c. Direct Materials d. Direct Labor e. Factory overhead applied 1. Completed jobs 9. 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 MANO Finished Goods Sachs