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 Requisitions July 1 July 31 Balance Purchases 31,200 July 31 125,200 Work in Process Balance (B) July 31 Completed jobs Materials July 1 July 31 July 31 July 31 Direct labor Factory overhead applied Finished Goods Ouly 31 Cost of goods sold July 1 July 31 Balance Completed jobs (F) Wages Payable July 31 Wages incurred Factory Overhead 22,300)uly 31 Factory overhead applied July 1 July 31 July 31 July 31 Balance Indirect labor Indirect materials Other overhead 16,600 99,900 In addition, the following information is available: a. Materials and direct labor were applied to six jobs in July: Job No. Quantity Direct Materials Direct Labor No. 21 $18,050 $14,000 27,000 36,800 No. 23 15,930 9,000 Style X-10 X-20 X-50 T-20 X-40 T-10 Total 27,000 190 130 34,060 21,410 6,890 18,000 5,000 1,420 $133,140 $100,000 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: Work in Process, July 1 $5,400 Job No. Style Job 21 X-10 Job 22 X-20 Total 16,900 $22,300 d. 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 No. 22 X-20 No. 23 X-50 No. 24 T-20 No. 25 X 40 No. 26 T-10 1. Determine the missing amounts associated with each letter and complete the following table. If required, round amounts to the nearest dollar answer is r enter in all amounts sportive sumber Job No. Quantity July 1 Work in Process Direct Labor Materials Factory Overhead Cost of Goods Sold $5,400 $ 18,050 $16.000 16,900 36,800 27.000 15,930 9,000 34,060 27,000 18,000 21.410 6.800 Total 133,140 100,000 $ a. Materials Requisitions b. Work in Processeginning Balances c. Direct Materials d. Direct Labor e. Factory overhead applied 1. Completed jobs 9. Cost of goods sold e. Factory overhead applieds f. Completed jobs 9. Cost of goods sold s h. Indirect labors 2. Determine the July 31 balances for each of the inventory accounts and factory overhead be the minussion to indicate any credit balances Materials: Work in Process: Finished Goods Factory Overhead