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	105,600	May 31	Requisitions	(a)
31	Purchases	500,000

Work in Process
May 1	Balance	(b)	May 31	Completed jobs	(f)
31	Materials	(c)
31	Direct labor	(d)
31	Factory overhead applied	(e)

Finished Goods
May 1	Balance	0	May 31	Cost of goods sold	(g)
31	Completed jobs	(f)

Wages Payable
			May 31	Wages incurred	396,000

Factory Overhead
May 1	Balance	26,400	May 31	Factory overhead applied	(e)
31	Indirect labor	(h)
31	Indirect materials	15,400
31	Other overhead	122,500

In addition, the following information is available:

1. 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

2. Factory overhead is applied to each job at a rate of 50% of direct labor cost.
3. The May 1 Work in Process balance consisted of two jobs, as follows:

   Job No.	Style	Work in Process, May 1
   101	AF1	$26,400
   102	AF3	46,000
   Total		$72,400

4. Customer jobs completed and units sold in May were as follows:

   Job No.	Style	Completed in May	Units Sold in May
   101	AF1	X	264
   102	AF3	X	360
   103	AF2		0
   104	VY1	X	384
   105	VY2	X	530
   106	AF4		0

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". Enter amounts as positive numbers.

Job No.

Style

Quan- tity

May 1 Work in Process

Direct Materials

Direct Labor

Factory Overhead

Total Cost

Unit Cost

Units Sold

Cost of Goods Sold

No. 101

AF1

330

$fill in the blank 1

$82,500

$59,400

$fill in the blank 2

$fill in the blank 3

$fill in the blank 4

fill in the blank 5

$fill in the blank 6

No. 102

AF3

380

fill in the blank 7

105,400

72,600

fill in the blank 8

fill in the blank 9

fill in the blank 10

fill in the blank 11

fill in the blank 12

No. 103

AF2

500

132,000

110,000

fill in the blank 13

fill in the blank 14

fill in the blank 15

fill in the blank 16

No. 104

VY1

400

66,000

39,600

fill in the blank 17

fill in the blank 18

fill in the blank 19

fill in the blank 20

fill in the blank 21

No. 105

VY2

660

118,800

66,000

fill in the blank 22

fill in the blank 23

fill in the blank 24

fill in the blank 25

fill in the blank 26

No. 106

AF4

330

66,000

30,800

fill in the blank 27

fill in the blank 28

fill in the blank 29

fill in the blank 30

Total

2,600

$fill in the blank 31

$570,700

$378,400

$fill in the blank 32

$fill in the blank 33

$fill in the blank 34

a. Materials Requisitions $fill in the blank 35

b. Work in Process Beginning Balance $fill in the blank 36

c. Direct Materials $fill in the blank 37

d. Direct Labor $fill in the blank 38

e. Factory overhead applied $fill in the blank 39

f. Completed jobs $fill in the blank 40

g. Cost of goods sold $fill in the blank 41

h. Indirect labor $fill in the blank 42

2. Determine the May 31 balances for each of the inventory accounts and factory overhead. Enter all amounts as positive numbers.

Materials	$fill in the blank 43
Work in Process	$fill in the blank 44
Finished Goods	$fill in the blank 45
Factory Overhead	$fill in the blank 46