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 31 Balance Purchases 28,900 May 31 116,200 Requisitions (a) Work in Process May 1 31 31 Completed jobs (0) Balance Materials Direct labor Factory overhead applied (b) 31 (0) (d) 31 Finished Goods May 1 31 Balance Completed jobs Cost of goods sold May 31 (0) (9) Wages Payable May 31 Wages incurred 115,000 Factory overhead applied (e) May 1 31 31 31 Balance Indirect labor Indirect materials Other overhead Factory Overhead 21,600 May 31 ch) 15,500 90,600 In addition, the following information is available: a. Materials and direct labor were applied to the following jobs in May: AF3 Job No. Style Quantity Direct Materials Direct Labor 101 AF1 200 $20,900 $14,000 102 390 33,110 26,000 103 AF2 170 10,870 7,000 104 VY1 290 35,660 28,000 105 VY2 17,900 14,000 150 106 AF4 Total 100 1,300 5,200 $123,640 3,000 $92,000 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, Job No. Style May 1 101 AF1 $5,700 102 AF3 15,900 Total $21,600 d. Customer jobs completed and units sold in May were as follows: 101 Completed in Units Sold Job No. Style May in May AFI 160 102 AF3 312 103 AF2 0 104 VY: 244 105 VY2 125 106 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 Total Cost Unit Cost Units Sold Cost of Goods Sold $ $ May 1 Job Work in Direct Direct Factory No. Quantity Process Materials Labor Overhead $ No. 101 $5,700 $ 20,900 14,000 No. 102 15,900 33,110 26,000 No. 103 10,870 7,000 No. 104 35,660 28,000 No. 105 17.900 14,000 No. 106 5,200 3,000 Total $21,600 $123,640 $92,000 $ $ $ a. Materials Requisitions 5 b. Work In Process Beginning Balance s c. Direct Materials d. Direct Labor e. Factory overhead applied s f. Completed jobs $ 9. 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 $ 2 more Check My Work uses remaining