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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

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 32,500 May 31 Requisitions (a)
31 Purchases 130,400

Work in Process
May 1 Balance (b) 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 116,300

Factory Overhead
May 1 Balance 21,600 May 31 Factory overhead applied (e)
31 Indirect labor (h)
31 Indirect materials 17,300
31 Other overhead 80,400

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 230 $26,140 $17,000
    102 AF3 370 34,350 24,000
    103 AF2 210 16,540 8,000
    104 VY1 270 35,440 26,000
    105 VY2 160 19,140 15,000
    106 AF4 110 7,130 3,000
    Total 1,350 $138,740 $93,000
  2. Factory overhead is applied to each job at a rate of 150% 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 $6,800
    102 AF3 14,800
    Total $21,600
  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 184
    102 AF3 X 296
    103 AF2 0
    104 VY1 X 227
    105 VY2 X 133
    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.

Job No. Quantity May 1 Work in Process Direct Materials Direct Labor Factory Overhead Total Cost Unit Cost Units Sold Cost of Goods Sold
No. 101 $ 6,800 $ 26,140 $ 17,000 $ $ $ $
No. 102 14,800 34,350 24,000
No. 103 16,540 8,000
No. 104 35,440 26,000
No. 105 19,140 15,000
No. 106 7,130 3,000
Total $21,600 $138,740 $93,000 $ $ $

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

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