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 Materials 36,900 May 31 148,200 Requisitions Work in Process May 1 Balance (b) 31 31 Materials (c) 31 Direct labor (d) 31 Factory overhead applied (0) (a) Completed jobs (1) Finished Goods May 1 Balance 0 May 31 Cost of goods sold 31 Completed jobs (1) Wages Payable May 31 Wages incurred 118,800