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 39,300 May 31 Requisitions Purchases 157,700 May 1 Balance 31 Materials 31 Direct labor 31 Factory overhead applied May 1 Balance 31 Completed jobs May 11 Balance 31 31 Indirect labor Indirect materials 31 Other overhead Work in Process (b) 31 (c) (P) (a) Completed jobs (f) Finished Goods 0 May 31 Cost of goods sold (Q) Wages Payable May 311 Factory Overhead Wages incurred 127,500 22,400 May 31 Factory overhead applied (h) 21,000 66,200 In addition, the following information is available: a. Materials and direct labor were applied to the following jobs in May: Direct Labor $16,000 Job No. Style Quantity Direct Materials 101 AF1 210 $26,620 102 AF3 410 42,590 103 AF2 190 15,610 8,000 26,000 Job No. Style Quantity Direct Materials Direct Labor 101 AF1 210 $26,620 $16,000 102 AF3 410 42,590 26,000 103 AF2 190 15,610 8,000 104 VY1 320 49,540 33,000 105 VY2 160 23,100 15,000 106 AF4 150 10,300 4,000 Total 1,440 $167,760 $102,000 b. Factory overhead is applied to each job at a rate of 130% 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 1 101 AF1 $6,300 102 AF3 16,100 Total $22,400 d. Customer jobs completed and units sold in May were as follows: Completed in Units Sold Job No. Style May in May 101 AF1 X 168 102 AF3 328 103 AF2 0 1041 VY1 X 269 105 VY2 133 106 AF4 Required: 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 11 Job No. No. 101 Quantity Work in Process 210 No. 102 410 $6,300 16,100 Direct Materials: $26,620 Direct Labor $16,000 Factory Overhead Cost of Goods Sold Total Cost Unit Cost Units Sold 42,500 26,000 No. 103 190 15.610 0,000 No. 104 320 49,540 33,000 No. 105 100 23,100 15,000 No. 106 150 10,300 4,000 Total 1,440 v 122.400 $167,760 $102,000 a. Materials Requisitions b. Work in Process Beginning Balance Direct Materials d. Direct Labor e. Factory overhead applied f. Completed jobs g. Cost of goods sold h. Indirect labor s 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 Finished Goods Factory Overhead 0000