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 Requisitions (a) 28,800 May 31 115,500 31 Purchases Work in Process May 1 Balance (b)31 Completed jobs (1) 31 Materials (C) 31 Direct labor (d) 31 Factory overhead applied (e) Finished Goods May 1 Balance o May 31 Cost of goods sold (9) 31 Completed jobs (f) Wages Payable May 31 Wages incurred 118,800 Factory Overhead May 1 Balance 21,200 May 31 Factory overhead applied (e) 31 31 Indirect labor Indirect materials Other overhead 15,400 95,300 31 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 210 $20,130 $16,000 102 AF3 380 33,460 24,000 103 AF2 170 11,720 7,000 104 VY1 270 33,850 28,000 105 VY2 170 18,750 16,000 106 AF4 100 5,000 4,000 Total 1,300 $122,910 $95,000 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, May 1 Job No. Style 101 AF1 $6,100 102 AF3 15,100 Total $21,200 d. Customer jobs completed and units sold in May were as follows: Completed in Units Sold Job No. Style May in May 101 AF1 168 102 AF3 304 103 AF2 0 104 VY1 227 105 VY2 141 106 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 "O". Enter all amounts as positive numbers. May 1 Work in Process Cost of Goods Sold Direct Materials Direct Labor Factory Overhead Job No. Quantity Total Cost Unit Cost Units Sold No. 101 $ 6,100 $ 20,130 $ 16,000 $ No. 102 15,100 33,460 24,000 No. 103 11,720 7,000 No. 104 33,850 28,000 No. 105 18,750 16,000 No. 106 5,000 4,000 Total $21,200 $122,910 $95,000 $ a. Materials Requisitions b. Work in Process Beginning Balance $ No. 101 $ 6,100 $ 20,130 $ 16,000 No. 102 15,100 33,460 24,000 No. 103 11,720 7,000 No. 104 33,850 28,000 No. 105 18,750 16,000 No. 106 5,000 4,000 Total $21,200 $122,910 $95,000 $ 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 $
