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 Balance Requisitions a) May 1 31 27,700 May 31 111,300 Purchases Work in Process May 1 Completed jobs (f) 31 Balance Materials Direct labor Factory overhead applied 31 (b)31 (0 (d) (el 31 Finished Goods May 1 o May 31 Cost of goods sold Balance Completed Jobs (9) 31 Wages Payable May 31 Wages incurred 118,800 Factory Overhead May 1 Balance Factory overhead applied 31 19,800 May 31 (h) 14,800 107,200 Indirect labor Indirect materials Other overhead 31 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 170 $16,520 $12,000 102 AF3 370 30,830 24,000 103 AF2 180 12,240 7.000 104 VY1 310 35,030 31,000 105 VY2 190 19,420 18,000 106 AF4 100 4.400 3,000 Total 1,320 $118.440 $95,000 7 b. Factory overhead is applied to each job at a rate of 170% 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 $4,800 102 AF3 15,000 Total $19,800 > d. Customer jobs completed and units sold in May were as follows: Completed in May Units Sold in May Job No. Style 101 AF1 X 136 102 AF3 X 296 103 AF2 104 VY1 X 260 105 VY2 X 158 106 AF4 0 1. Determine the micing amounts associated with each letter and complete the following table. If required, round amounts to the nearest dotat an answer is sero, enter to Enteral amounts as positive numbers Cost of Goods Sold Factory Overhead Job Ne May 1 Work in Process $4.000 15,000 Quantity Direct Materials $16.520 Total Cost Unit Cost Units Sold T101 Direct Labor 317.000 24.900 7.000 31,000 No. 102 30,00 12.240 0103 No. 104 25.030 No 105 19.470 13,000 No. 106 4400 3.000 Total $19.500 3118.00 95.000 May 1 Work in Direct Direct Labor Factory Overhead Job No. Quantity Process Materials No. 101 $ 4,800 $ 16,520 $ 12,000 No. 102 15,000 30,830 24,000 No. 103 12,240 7,000 No. 104 35,030 31,000 No. 105 19,420 18,000 No. 106 Ion billi 4,400 3,000 Total $19,800 $118,440 $95,000 Cost of Goods Sold Total Cost Unit Cost Units Sold billi 100 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 ill Factory Overhead
