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: July 1 July 31 Requisitions Materials 29,200 July 31 117,100 Balance Purchases Work in Process July 1 (B)uly 31 Completed jobs ed jobs July 31 July 31 July 31 Balance Materials Direct labor Factory overhead applied Finished Goods July 31 July 1 Balance Cost of goods sold (6) July 31 Completed jobs Wages Payable July 31 Wages incurred 116,300 Factory overhead applied July 1 July 31 July 31 July 31 Balance Indirect labor Indirect materials Other overhead Factory Overhead 20,000 July 31 (H) 15,600 93,500 In addition, the following information is available: a. Materials and direct labor were applied to six jobs in July: Style Quantity 170 X-10 X-20 Direct Materials $16,960 33,180 380 Job No. No. 21 No. 22 No. 23 No. 24 No. 25 No. 26 11,680 Direct Labor $13,000 24,000 7,000 30,000 16,000 3,000 $93,000 T-20 38,100 300 170 100 X-40 T-10 18,580 6,100 Total 1,300 $124,600 b. Factory overhead is applied to each job at a rate of 160% of direct labor cost. C. 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 $5,000 15,000 Job 22 X-20 Total $20,000 d. Customer jobs completed and units sold in July were as follows: Job No. Style Completed in July Units Sold in July 136 304 No. 21 X-10 No. 22 X-20 No. 23 X-50 No. 24 T-20 No. 25 X-40 No. 26 T-10