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Analyzing Manufacturing Cost Accounts Big Wave Company manufactures surf boards in a wide variety of sizes and styles. The following incomplete ledger accounts refer to

Analyzing Manufacturing Cost Accounts

Big Wave Company manufactures surf boards in a wide variety of sizes and styles. The following incomplete ledger accounts refer to transactions that are summarized for July:

Materials
July 1 Balance 35,900 July 31 Requisitions (A)
July 31 Purchases 144,300

Work in Process
July 1 Balance (B) July 31 Completed jobs (F)
July 31 Materials (C)
July 31 Direct labor (D)
July 31 Factory overhead applied (E)

Finished Goods
July 1 Balance 0 July 31 Cost of goods sold (G)
July 31 Completed jobs (F)

Wages Payable
July 31 Wages incurred 118,800

Factory Overhead
July 1 Balance 21,300 July 31 Factory overhead applied (E)
July 31 Indirect labor (H)
July 31 Indirect materials 19,200
July 31 Other overhead 61,600

In addition, the following information is available:

Materials and direct labor were applied to six jobs in July:

Job No. Style Quantity Direct Materials Direct Labor
No. 21 X-10 170 $21,560 $12,000
No. 22 X-20 420 42,040 27,000
No. 23 X-50 180 13,780 7,000
No. 24 T-20 280 42,560 28,000
No. 25 X-40 170 23,040 16,000
No. 26 T-10 150 10,550 5,000
Total 1,370 $153,530 $95,000

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

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

Job No. Style Work in Process, July 1
Job 21 X-10 $4,900
Job 22 X-20 16,400
Total $21,300

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

Job No. Style Completed in July Units Sold in July
No. 21 X-10 X 136
No. 22 X-20 X 336
No. 23 X-50 0
No. 24 T-20 X 235
No. 25 X-40 X 141
No. 26 T-10 0

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 "0". Enter all amounts as positive numbers.

Job No. Quantity July 1 Work in Process Direct Materials Direct Labor Factory Overhead Total Cost Unit Cost Units Sold Cost of Goods Sold
No. 21 $ 4,900 $ 21,560 $ 12,000 $ $ $ $
No. 22 16,400 42,040 27,000
No. 23 13,780 7,000
No. 24 42,560 28,000
No. 25 23,040 16,000
No. 26 10,550 5,000
Total $21,300 153,530 95,000 $ $ $

a. Materials Requisitions $

b. Work in Process Beginning Balance $

c. Direct Materials $

d. Direct Labor $

e. Factory overhead applied $

f. Completed jobs $

g. Cost of goods sold $

h. Indirect labor $

2. Determine the July 31 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: $

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