Analyzing Manufacturing Cost Accounts Clapton Company manufactures custom guitars in a wide variety of styles. The following incomplete ledger accounts refer to transactions tha summarized for May: a Materials May 1 Balance Requisitions (a) 31 Purchases 28,700 May 31 115,100 Work in Process May 1 Balance Completed jobs (1) 31 Materials (b) 31 (c) (d) (e) 31 Direct labor 31 Factory overhead applied Finished Goods May 1 Balance O May 31 Cost of goods sold (g) 31 Completed jobs Wages Payable May 31 Wages incurred 112,500 Factory Overhead May 1 Balance Factory overhead applied 21,000 May 31 (h) 31 Indirect labor 31 Indirect materials 15,300 31 Other overhead 88,600 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 AF1 220 $21,840 $16,000 102 370 30,940 24,000 103 AF2 210 14,690 8,000 104 W1 240 31,000 25,000 105 WY2 150 17,600 14,000 106 AF4 100 6,400 3,000 Total 1,290 $122,470 $90,000 LLU Job No. Style May 1 101 $6,300 102 AF3 14,700 Total $21,000 d. Customer jobs completed and units sold in May were as follows: Units Sold Completed in May Job No. Style in May 101 AF1 102 AF3 296 103 0 104 VY1 202 105 X 106 AF4 0 - Determine the missing amounts associated with each letter and complete the following table. If required, round amounts to the nearest dollar. If an answer mounts as positive numbers. May 1 Work in Direct Materials Direct Labor Factory Overhead ob No. Unit Cost Units Sold Quantity Process Total Cost lo. 101 $ 6,300 $ $ 21,840 $ 16,000 $ lo. 102 14,700 30,940 24,000 14,690 o. 103 8,000 IU II o. 104 31,000 25,000 0. 105 17,600 14,000 6,400 3,000 0. 106 tal $21,000 $122,470 $90,000 $ Materials Requisitions b. Work in Process Beginning Balance $ c. Direct Materials d. Direct Labor $ e. Factory overhead applied f. Completed jobs w g. Cost of goods sold $ h. Indirect labor $ 2. Determine the May 31 balances for each of the inventory accounts and factory overhead. Use the minus sign to indicate Materials Work in Process Finished Goods $ Factory Overhead Factory overhead is applied to each job at a rate of 160% of direct labor cost. The May 1 Work in Process balance consisted of two jobs, as follows