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: May 1 31 Balance Purchases May 1 Balance 31 Materials 31 Direct labor 31 Factory overhead applied Materials 105,600 May 31 Requisitions 500,000 (a) Work in Process (b) May 31 Completed jobs (f) (c) (d) () Finished Goods May 1 Balance O May 31 Cost of goods sold (9) 31 Completed jobs ( Wages Payable May 31 Wages incurred 396,000 May 1 Balance 31 31 Indirect labor Indirect materials 31 Other overhead Factory Overhead 26,400 May 31 Factory overhead applied (e) (h) 15,400 122,500 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 101 AF1 330 $ 82,500 $ 59,400 102 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 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 1 101 AF1 $26,400 102 AF3 46,000 Total $72,400 d. Customer jobs completed and units sold in May were as follows: d. Customer jobs completed and units sold in May were as follows: Completed Units Sold Job No. Style in May In May 101 AFI x 264 102 AF3 x 360 103 AF2 104 VY1 x 384 105 VY2 530 106 AF4 Required: 1. Determine the missing amounts associated with each letter by completing the table below. If required, round your unit cost to two decimal places. If an answer is zero, enter in "0". Encer amounts a positive numbers. quan May 1 Work in Job No. Style tity Process Direct Materials Direct Labor Factory Overhead Total Cost Unit Cost Units Sold Cost of Goods Sold No. 101 AFL 330 $82,500 $59,400 No. 102 AF3 380 105,400 72,600 No. 103 AF2 500 132,000 110,000 No. 1041 VY1 400 66,000 39,600 No. 105 VY2 660 118,000 66,000 No. 106 AF4 330 66,000 30,000 Total 2,600 $570,700 $378,400 No. 102 AF3 380 105,400 72,600 No. 103 AF2 500 132,000 110,000 No. 104 VY1 400 66,000 39,600 No. 105 VY2 660 118,800 66,000 No. 106 AF4 330 56,000 30,800 Total 2,600 $570,700 $378,400 a. Materials Requisitions b. Work in Process Beginning Balance c. Direct Materials d. Direct Labor s 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 Previous Next