Analyzing Manufacturing Cost Accounts

Analyzing Manufacturing Cost Accounts 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: Balance Materials 31,700 June 30 127,300 Requisitions (A) June 1 June 30 Purchases Completed jobs Work in Process (B)pune 30 (C) (D) June 1 June 30 June 30 June 30 (F) Balance Materials Direct labor Factory overhead applied Finished Goods Cost of goods sold June 1 June 30 (G) Balance Completed jobs June 30 (F) Wages Payable June 30 Wages incurred 116,300 Factory overhead applied (E) June 1 June 30 June 30 June 30 Balance Indirect labor Indirect materials Other overhead Factory Overhead 21,000 June 30 (H) 16,900 81,400 In addition, the following information is available: a. Materials and direct labor were applied to six jobs in June: Job No. Style Quantity Direct Materials 201 T100 180 $19,100 202 T200 400 37,400 203 T400 180 13,100 204 S200 290 38,860 205 T300 150 17,500 206 S100 140 9,460 Direct Labor $14,000 25,000 7,000 29,000 14,000 4,000 $93,000 Total 1,340 $135,420 b. Factory overhead is applied to each job at a rate of 150% of direct labor cost. C. The June 1 Work in Process balance consisted of two jobs, as follows: Job No. Style Work in Process, June 1 201 T100 $5,300 202 T200 15,700 Total $21,000 d. Customer jobs completed and units sold in June were as follows: Job Style Completed in June Units Sold in June No. 201 T100 144 202 T200 320 0 203 T400 204 S200 244 205 T300 125 0 206 S100 1. Determine the missing amounts associated with each letter and complete the following table. If required, round amounts to the nearest dollar. If an answer is zero, enter in "O". Enter all amounts as positive numbers. Job No. Quantity June 1 Work in Process Direct Materials Direct Labor Factory Overhead Total Cost Unit Cost No. 201 180 $5,300 $ 19,100 $ 14,000 No. 202 400 15,700 37,400 25,000 No. 203 180 13,100 7,000 No. 204 2907 38,860 29,000 LI No. 205 150 17,500 14,000 No. 206 140 9,460 4,000 Total 1,340 $21,000 $135,420 $93,000 a. Materials requisitions b. Work in process beginning balance c. Direct materials c. Direct materials d. Direct labor e. Factory overhead applied S f. Completed jobs 9. Cost of goods sold h. Indirect labor 2. Determine the June 30 balances for each of the inventory accounts and factory overhead. Use the minus sign to indicate any credit balances. Materials Work in process Finished goods Factory overhead Feedback