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	29,700	May 31	Requisitions	(a)
31	Purchases	119,200

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	118,800

Factory Overhead
May 1	Balance	20,800	May 31	Factory overhead applied	(e)
31	Indirect labor	(h)
31	Indirect materials	15,900
31	Other overhead	95,200

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	200			$21,200				$15,000
   102		AF3	370			31,580				24,000
   103		AF2	190			11,880				8,000
   104		VY1	300			37,900				31,000
   105		VY2	150			17,450				14,000
   106		AF4	110			6,830				3,000
   		Total	1,320			$126,840				$95,000

2. Factory overhead is applied to each job at a rate of 160% 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	$6,000
   102	AF3	14,800
   Total		$20,800

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	160
   102	AF3	X	296
   103	AF2		0
   104	VY1	X	252
   105	VY2	X	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 "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		$ 6,000		$ 21,200		$ 15,000		$		$		$				$
No. 102		14,800		31,580		24,000
No. 103				11,880		8,000
No. 104				37,900		31,000
No. 105				17,450		14,000
No. 106				6,830		3,000
Total		$20,800		$126,840		$95,000		$		$						$

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	$