Analyzing Manufacturing Cost Accounts

Big Sur Company manufactures surf boards in a wide variety of sizes and styles. Incomplete ledger accounts with transactions summarized for May are as follows:

Materials

Date Line Item Description Amount

May $1$ Balance $35,700$

May $31$ Purchases $143,600$

May $31$ Requisitions $($A$)$

Work in Process

Date Line Item Description Amount

May $1$ Balance $($B$)$

May $31$ Direct materials $($C$)$

May $31$ Direct labor $($D$)$

May $31$ Factory overhead applied $($E$)$

May $31$ Completed jobs $($F$)$

Finished Goods

Date Line Item Description Amount

May $1$ Balance $0$

May $31$ Completed jobs $($F$)$

May $31$ Cost of goods sold $($G$)$

Wages Payable

Date Line Item Description Amount

May $31$ Wages incurred $115,000$

Factory Overhead

Date Line Item Description Amount

May $1$ Balance $20,800$

May $31$ Indirect labor $($H$)$

May $31$ Indirect materials $19,100$

May $31$ Other overhead $59,000$

May $31$ Factory overhead applied $($E$)$

In addition, the following information is available:

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

Job No$.$ Style Quantity Direct Materials Direct Labor

No$.0521$ SX $210$ $$26,280$ $$15,000$

No$.0522$ SJ $38038,68024,000$

No$.0523$ SK $23019,3209,000$

No$.0524$ T$324036,00024,000$

No$.0525$ T$616022,94015,000$

No$.0526$ SX $1509,5005,000$

Total $1,370$ $$152,720$ $$92,000$

Factory overhead is applied to each job at a rate of $130\%$ of direct labor cost.

The May $1$ Work in Process balance consisted of two jobs, as follows:

Job No$.$ Style Work in Process, May $1$

Job $0521$ SX $$6,000$

Job $0522$ SJ $14,800$

Total $$20,800$

Customer jobs completed and units sold in May were as follows:

Job No$.$ Style Completed in May Units Sold in May

No$.0521$ SX X $168$

No$.0522$ SJ X $304$

No$.0523$ SK $0$

No$.0524$ T$3$ X $202$

No$.0525$ T$6$ X $133$

No$.0526$ SX $0$

Instructions:

$1.$ Determine the missing amounts associated with each letter and complete the following table. If required, round amounts to the nearest cent. If an amount is zero, enter in $"0".$ Enter all amounts as positive numbers.

Job No$.$ Quantity May $1$ Work in Process Direct Materials Direct Labor Factory Overhead Total Cost Unit Cost Units Sold Cost of Goods Sold

No$.0521$ fill in the blank $1$

$210$

$fill in the blank $2$

$6,000$

$fill in the blank $3$

$26,280$

$fill in the blank $4$

$15,000$

$fill in the blank $5$

$19,500$

$fill in the blank $6$

$66,780$

$fill in the blank $7$

fill in the blank $8$

$168$

$fill in the blank $9$

$35,280$

No$.0522$ fill in the blank $10$

$380$

fill in the blank $11$

$14,800$

fill in the blank $12$

$38,680$

fill in the blank $13$

$24,000$

fill in the blank $14$

$31,200$

fill in the blank $15$

$108,680$

fill in the blank $16$

fill in the blank $17$

$304$

fill in the blank $18$

No$.0523$ fill in the blank $19$

$230$

fill in the blank $20$

$0$

fill in the blank $21$

$19,320$

fill in the blank $22$

$9,000$

fill in the blank $23$

$11,700$

fill in the blank $24$

$40,020$

fill in the blank $25$

fill in the blank $26$

$0$

fill in the blank $27$

No$.0524$ fill in the blank $28$

$240$

fill in the blank $29$

$0$

fill in the blank $30$

$36,000$

fill in the blank $31$

$24,000$

fill in the blank $32$

$31,200$

fill in the blank $33$

$91,200$

fill in the blank $34$

fill in the blank $35$

$202$

fill in the blank $36$

No$.0525$ fill in the blank $37$

$160$

fill in the blank $38$

$0$

fill in the blank $39$

$22,940$

fill in the blank $40$

$15,000$

fill in the blank $41$

$19,500$

fill in the blank $42$

$57,440$

fill in the blank $43$

fill in the blank $44$

$133$

fill in the blank $45$

No$.0526$ fill in the blank $46$

$150$

fill in the blank $47$

$0$

fill in the blank $48$

$9,500$

fill in the blank $49$

$5,000$

fill in the blank $50$

$6,500$

fill in the blank $51$

$21,000$

fill in the blank $52$

fill in the blank $53$

$0$

fill in the blank $54$

Total fill in the blank $55$

$1,370$

$fill in the blank $56$

$20,800$

$fill in the blank $57$

$152,720$

$fill in the blank $58$

$92,000$

$fill in the blank $59$

$119,600$

$fill in the blank $60$

$385,120$

$fill in the blank $61$

Line Item Description Amount

A$.$ $fill in the blank $62$

B$.$ $fill in the blank $63$

C$.$ $fill in the blank $64$

D$.$ $fill in the blank $65$

E$.$ $fill in the blank $66$

F$.$ $fill in the blank $67$

G$.$ $fill in the blank $68$

H$.$ $fill in the blank $69$

$2.$ Determine the May $31$ balances for each of the inventory accounts and factory overhead.

Line Item Description Amount

Materials $fill in the blank $70$

Work in process $fill in the blank $71$

Finished goods $fill in the blank $72$

Factory overhead $fill in the blank $73$