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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 31,500 May 31 Requisitions (a)
31 Purchases 126,600
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 121,300
Factory Overhead
May 1 Balance 22,100 May 31 Factory overhead applied (e)
31 Indirect labor (h)
31 Indirect materials 16,800
31 Other overhead 95,700
In addition, the following information is available:
Materials and direct labor were applied to the following jobs in May:
Job No. Style Quantity Direct Materials Direct Labor
101 AF1230 $24,670 $17,000
102 AF338032,56025,000
103 AF217012,6206,000
104 VY128035,08027,000
105 VY219021,41018,000
106 AF41408,3604,000
Total 1,390 $134,700 $97,000
Factory overhead is applied to each job at a rate of 160% of direct labor cost.
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 AF315,300
Total $22,100
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 304
103 AF20
104 VY1 X 235
105 VY2 X 158
106 AF40
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 fill in the blank 1
230
$ 6,800 $ 24,670 $ 17,000 $fill in the blank 2
27,200
$fill in the blank 3
75,670
$fill in the blank 4
411
fill in the blank 5
184
$fill in the blank 6
75,730
No.102 fill in the blank 7
380
15,30032,56025,000 fill in the blank 8
40,000
fill in the blank 9
112,860
fill in the blank 10
371
fill in the blank 11
304
fill in the blank 12
112,862
No.103 fill in the blank 13
170
12,6206,000 fill in the blank 14
9,600
fill in the blank 15
28,220
fill in the blank 16
0
fill in the blank 17
0
No.104 fill in the blank 18
280
35,08027,000 fill in the blank 19
43,200
fill in the blank 20
105,280
fill in the blank 21
567
fill in the blank 22
235
fill in the blank 23
133,282
No.105 fill in the blank 24
190
21,41018,000 fill in the blank 25
28,800
fill in the blank 26
68,210
fill in the blank 27
567
fill in the blank 28
158
fill in the blank 29
89,620
No.106 fill in the blank 30
140
8,3604,000 fill in the blank 31
6,400
fill in the blank 32
18,760
fill in the blank 33
0
fill in the blank 34
0
Total fill in the blank 35
1,390
$22,100 $134,700 $97,000 $fill in the blank 36
155,200
$fill in the blank 37
409,000
$fill in the blank 38
411,494
a. Materials Requisitions $fill in the blank 39
23,400
b. Work in Process Beginning Balance $fill in the blank 40
22,100
c. Direct Materials $fill in the blank 41
134,700
d. Direct Labor $fill in the blank 42
97,000
e. Factory overhead applied $fill in the blank 43
212,200
f. Completed jobs $fill in the blank 44
408,000
g. Cost of goods sold $fill in the blank 45
296,181
h. Indirect labor $fill in the blank 46
16,800
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 $fill in the blank 47
134,700
Work in Process $fill in the blank 48
409,000
Finished Goods $fill in the blank 49
408,000
Factory Overhead $fill in the blank 50
289,800

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