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 Requisitions (A) May 1 May 31 Balance Purchases 105,600 May 31 500,000 Work in Process Completed Jobs (F) May 1 May 31 May 31 May 31 Balance Materials Direct labor Factory overhead applied (8) May 31 (C) (D ce Finished Goods Cost of goods sold (G) May 1 May 31 Balance Completed Jobs May 31 (FI Wages Payable May 31 Wages incurred 396.000 Wages Payable May 31 Wages incurred 396,000 (E) Factory Overhead May 1 Balance 26,400 May 31 Factory overhead applied May 31 Indirect labor (H) May 31 Indirect materials 15,4001 May 31 Other overhead 122,500 In addition, the following information is available: a. Materials and direct labor were applied to six jobs in May: Job No. Style Quantity Direct Materials Direct Labor 101 AF1 330 $ 82,500 $ 59,400 AF3 380 105,400 72.600 103 AF2 500 132,000 110,000 104 VY1 400 66,000 39,600 105 VY2 660 118,800 66,000 106 AF4 330 66,000 30,800 Total 2,600 $570,700 $378.400 h Factory Overhead kannlied to each in at a rate of 50% of direct lahorros. 102 105 VY2 660 118,800 66,000 106 AF4 330 66,000 30,800 Total 2,600 $570,700 $378,400 b. Factory overhead is applied to each job at a rate of 50% of direct labor cost. C. The May 1 Work in Process balance consisted of two jobs, as follows: Work in Process, Job No. Style May 1 Job 101 AF1 $26,400 Job 102 AF3 46,000 Total $72,400 d. Customer jobs completed and units sold in May were as follows: Completed Units Sold Job No. Style in May in May 101 AF1 264 102 AF3 360 103 AF2 0 104 VY: 394 105 VY2 530 106 AF4 0 Required: AF 360 103 AF2 0 104 VY1 384 105 VY2 530 106 AF4 0 Required: 1. Determine the missing amounts associated with each letter by completing the table below. If required, round your answer to two decimal places. If an answer is zero, enter in "0". Enter amounts as positive numbers. Job No. Style Quan- tity May 1 Work in Process Direct Materials Direct Labor Factory Overhead Total Cost Unit No. 101 AF1 330 $82,500 $59,400 No. 102 AF3 380 105.400 72,600 No. 103 AF2 500 132,000 110,000 No. 104 VY1 400 39,600 66,000 118.800 No. 105 VY2 560 66,000 No. 106 AF4 330 65,000 30.800 Total 2,600 5 5570,700 $378,400 a. Materials Requisitions lotter by completing the table below. If required, round your answer to two decimal places. Ir e numbers irect Materials Direct Labor Factory Overhead Total Cost Unit Cost Units Sold Cost of Goods Sold $82,500 $59,400 72,600 105.400 132,000 110.000 66,000 39,600 118.800 66,000 66,000 30,800 $570,700 $378,400 No. 106 AF4 330 66,000 30,800 Total 2,600 $570,700 $378,400 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 May 31 balances for each of the inventory accounts and factory overhead. Enter all amounts as positive numbers, Materials Work in Process Finished Goods Factory Overhead
