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	33,900	May 31	Requisitions	(a)
31	Purchases	136,200

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	126,300

Factory Overhead
May 1	Balance	22,300	May 31	Factory overhead applied	(e)
31	Indirect labor	(h)
31	Indirect materials	18,100
31	Other overhead	89,200

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	210			$22,890				$16,000
   102		AF3	410			36,980				26,000
   103		AF2	190			13,630				8,000
   104		VY1	310			39,700				30,000
   105		VY2	190			24,380				17,000
   106		AF4	120			7,280				4,000
   		Total	1,430			$144,860				$101,000

2. Factory overhead is applied to each job at a rate of 150% 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	$6,200
   102	AF3	16,100
   Total		$22,300

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	168
   102	AF3	X	328
   103	AF2		0
   104	VY1	X	260
   105	VY2	X	158
   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.

2. Determine the May 31 balances for each of the inventory accounts and factory overhead. Use the minus sign to indicate any credit balances.

May 1 Work in Process Cost of Goods Sold Direct Materials Direct Labor Factory Overhead Job No. Quantity Total Cost Unit Cost Units Sold $ 6,200 $ 22,890 No. 101 No. 102 No. 103 $ 16,000 26,000 16,100 36,980 13,630 8,000 No. 104 39,700 No. 105 24,380 7,280 30,000 17,000 4,000 No. 106 Total $22,300 $144,860 $101,000 a. Materials Requisitions sl 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 $ Materials Work in Process Finished Goods Factory Overhead