1. 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	30,000	May 31	Requisitions	(a)
   31	Purchases	120,500

   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	118,800

   Factory Overhead
   May 1	Balance	22,600	May 31	Factory overhead applied	(e)
   31	Indirect labor	(h)
   31	Indirect materials	16,000
   31	Other overhead	93,200

   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	230			$22,340				$17,000
      102		AF3	400			34,000				26,000
      103		AF2	200			14,200				8,000
      104		VY1	270			32,030				26,000
      105		VY2	150			17,600				14,000
      106		AF4	130			8,060				4,000
      		Total	1,380			$128,230				$95,000

   2. Factory overhead is applied to each job at a rate of 160% 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	$6,600
      102	AF3	16,000
      Total		$22,600

   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	184
      102	AF3	X	320
      103	AF2		0
      104	VY1	X	227
      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.

   Job No.

   Quantity

   May 1 Work in Process

   Direct Materials

   Direct Labor

   Factory Overhead

   Total Cost

   Unit Cost

   Units Sold

   Cost of Goods Sold

   No. 101

   fill in the blank 1

   $ 6,600

   $ 22,340

   $ 17,000

   $fill in the blank 2

   $fill in the blank 3

   $fill in the blank 4

   fill in the blank 5

   $fill in the blank 6

   No. 102

   fill in the blank 7

   16,000

   34,000

   26,000

   fill in the blank 8

   fill in the blank 9

   fill in the blank 10

   fill in the blank 11

   fill in the blank 12

   No. 103

   fill in the blank 13

   14,200

   8,000

   fill in the blank 14

   fill in the blank 15

   fill in the blank 16

   fill in the blank 17

   No. 104

   fill in the blank 18

   32,030

   26,000

   fill in the blank 19

   fill in the blank 20

   fill in the blank 21

   fill in the blank 22

   fill in the blank 23

   No. 105

   fill in the blank 24

   17,600

   14,000

   fill in the blank 25

   fill in the blank 26

   fill in the blank 27

   fill in the blank 28

   fill in the blank 29

   No. 106

   fill in the blank 30

   8,060

   4,000

   fill in the blank 31

   fill in the blank 32

   fill in the blank 33

   fill in the blank 34

   Total

   fill in the blank 35

   $22,600

   $128,230

   $95,000

   $fill in the blank 36

   $fill in the blank 37

   $fill in the blank 38

   a. Materials Requisitions $fill in the blank 39

   b. Work in Process Beginning Balance $fill in the blank 40

   c. Direct Materials $fill in the blank 41

   d. Direct Labor $fill in the blank 42

   e. Factory overhead applied $fill in the blank 43

   f. Completed jobs $fill in the blank 44

   g. Cost of goods sold $fill in the blank 45

   h. Indirect labor $fill in the blank 46

   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	$fill in the blank 47
   Work in Process	$fill in the blank 48
   Finished Goods	$fill in the blank 49
   Factory Overhead	$fill in the blank 50

Check My Work