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 Balance 31 Purchases May 1 Balance www 31 Materials 31 Direct labor 31 Factory overhead applied Materials 29,900 May 31 120,200 Requisitions Work in Process (b) 31 (c) (d) (e) Finished Goods (a) Completed jobs (f) May 1 Balance O May 31 Cost of goods sold 31 Completed jobs (f) May 1 Balance 31 31 Indirect labor Indirect materials 31 Other overhead In addition, the following information is available: Wages Payable May 31 Wages incurred 120,000 Factory Overhead 20,500 May 31 Factory overhead applied (e) (h) 16,000 96,800 a. Materials and direct labor were applied to the following jobs in May: Job No. Style Quantity Direct Materials Direct Labor 101 AF1 180 $17,520 $14,000 102 AF3 380 31,520 25,000 103 AF2 220 13,560 9,000 104 VY1 280 35,560 28,000 105 VY2 190 22,680 17,000 106 AF4 100 7,000 3,000 Total 1,350 $127,840 $96,000 b. Factory overhead is applied to each job at a rate of 160% 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 $5,300 102 AF3 15,200 Total $20,500 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 144 102 AF3 X 304 103 AF2 0 104 VY1 X 235 105 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. May 1 Work in Job No. Quantity Process Direct Materials Direct Factory Cost of Goods Sold Labor Overhead Total Cost Unit Cost Units Sold No. 101 $ 5,300 $ 17,520 $ 14,000 S No. 102 15,200 31,520 25,000 No. 103 13,560 9,000 No. 104 35,560 28,000 No. 105 No. 106 Total 22,680 17,000 7,000 3,000 $20,500 $127,840 $96,000 a. Materials Requisitions 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 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