Analyzing Manufacturing Cost Accounts

Clapton Company manufactures custom guitars in a wide variety of styles. The following incomplete ledger accounts refer to transactions that are summarized for May:

Materials
May 1	Balance	33,700	May 31	Requisitions	(a)
31	Purchases	135,400

Work in Process
May 1	Balance	(b)	31	Completed jobs	(f)
31	Materials	(c)
31	Direct labor	(d)
31	Factory overhead applied	(e)

Finished Goods
May 1	Balance	0	May 31	Cost of goods sold	(g)
31	Completed jobs	(f)

Wages Payable
			May 31	Wages incurred	120,000

Factory Overhead
May 1	Balance	22,200	May 31	Factory overhead applied	(e)
31	Indirect labor	(h)
31	Indirect materials	18,000
31	Other overhead	73,000

In addition, the following information is available:

1. Materials and direct labor were applied to the following jobs in May:

   Job No.		Style	Quantity		Direct Materials				Direct Labor
   101		AF1	170			$18,810				$13,000
   102		AF3	430			42,350				28,000
   103		AF2	230			16,350				9,000
   104		VY1	280			40,160				29,000
   105		VY2	150			19,950				14,000
   106		AF4	100			6,400				3,000
   		Total	1,360			$144,020				$96,000

2. Factory overhead is applied to each job at a rate of 140% of direct labor cost.
3. The May 1 Work in Process balance consisted of two jobs, as follows:

   Job No.	Style	Work in Process, May 1
   101	AF1	$4,900
   102	AF3	17,300
   Total		$22,200

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

   Job No.	Style	Completed in May	Units Sold in May
   101	AF1	X	136
   102	AF3	X	344
   103	AF2		0
   104	VY1	X	235
   105	VY2	X	125
   106	AF4		0

Required:

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.

Analyzing Manufacturing Cost Accounts Clapton Company manufactures custom guitars in a wide variety of styles. The following incomplete ledger accounts refer to transactions that are summarized for May: Materials May 1 31 Balance Purchases 33,700 May 31 135,400 Requisitions May 1 31 Work in Process (b) 31 (0) (d) Completed jobs (f) Balance Materials Direct labor Factory overhead applied 31 31 Finished Goods May 1 31 0 May 31 (9) Balance Completed jobs Cost of goods sold Wages Payable May 31 Wages incurred 120,000 Factory Overhead 22,200 May 31 Balance Factory overhead applied o May 1 31 31 Indirect labor Indirect materials Other overhead 18,000 73,000 31 In addition, the following information is available: a. Materials and direct labor were applied to the following jobs in May: Job No. Style Quantity Direct Materials Direct Labor 101 AF1 170 $18,810 $13,000 102 AF3 430 42,350 28,000 103 AF2 230 16,350 9,000 104 VY1 280 40,160 29,000 105 VY2 150 19,950 14,000 106 AF4 100 6,400 3,000 Total 1,360 $144,020 596,000 b. Factory overhead is applied to each job at a rate of 140% of direct labor cost. c. The May 1 Work in Process balance consisted of two jobs, as follows: Work in Process, May 1 Job No. Style 101 AF1 $4,900 102 AF3 17,300 Total $22,200 d. Customer jobs completed and units sold May were as follows: Completed in May Units Sold in May Job No. Style 101 AF1 X 136 102 AF3 X 344 103 AF2 0 104 VY1 X 235 105 VY2 125 106 AF4 0 Required: 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. May 1 Cost of Goods Sold Work in Process Direct Materials Direct Labor Job No. Factory Overhead Quantity Total Cost Unit Cost Units Sold No. 101 $ 4,900 $ 18,810 $ 13,000 No. 102 17,300 42,350 28,000 No. 103 16,350 9,000 No. 104 40,160 29,000 No. 105 19,950 14,000 No. 106 6,400 3,000 Total S22,200 $144.020 $96.000 sh a. Materials Requisitions b. Work in Process Beginning Balance c. Direct Materials d. Direct Labor & e. Factory overhead applied SL f. Completed jobs s g. Cost of goods sold s h. Indirect labor 2. Determine the May 31 balances for each of the inventory accounts and factory overhead. Use the minus sign to indicate any credit balances. Materials Work in Process chi Finished Goods Factory Overhead