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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 Balance May Requisitions a
Purchases
Work in Process
May Balance b Completed jobs f
Materials c
Direct labor d
Factory overhead applied e
Finished Goods
May Balance May Cost of goods sold g
Completed jobs f
Wages Payable
May Wages incurred
Factory Overhead
May Balance May Factory overhead applied e
Indirect labor h
Indirect materials
Other overhead
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
AF $ $
AF
AF
VY
VY
AF
Total $ $
Factory overhead is applied to each job at a rate of of direct labor cost.
The May Work in Process balance consisted of two jobs, as follows:
Job No Style Work in Process,
May
AF $
AF
Total $
Customer jobs completed and units sold in May were as follows:
Job No Style Completed in
May Units Sold
in May
AF X
AF X
AF
VY X
VY X
AF
Required:
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 Enter all amounts as positive numbers.
Job No Quantity May
Work in
Process Direct
Materials Direct
Labor Factory
Overhead Total Cost Unit Cost Units Sold Cost of Goods Sold
No fill in the blank
$ $ $ $fill in the blank
$fill in the blank
$fill in the blank
fill in the blank
$fill in the blank
No fill in the blank
fill in the blank
fill in the blank
fill in the blank
fill in the blank
fill in the blank
No fill in the blank
fill in the blank
fill in the blank
fill in the blank
fill in the blank
No fill in the blank
fill in the blank
fill in the blank
fill in the blank
fill in the blank
fill in the blank
No fill in the blank
fill in the blank
fill in the blank
fill in the blank
fill in the blank
fill in the blank
No fill in the blank
fill in the blank
fill in the blank
fill in the blank
fill in the blank
Total fill in the blank
$ $ $ $fill in the blank
$fill in the blank
$fill in the blank
a Materials Requisitions $fill in the blank
b Work in Process Beginning Balance $fill in the blank
c Direct Materials $fill in the blank
d Direct Labor $fill in the blank
e Factory overhead applied $fill in the blank
f Completed jobs $fill in the blank
g Cost of goods sold $fill in the blank
h Indirect labor $fill in the blank
Determine the May balances for each of the inventory accounts and factory overhead. Use the minus sign to indicate any credit balances.
Materials $fill in the blank
Work in Process $fill in the blank
Finished Goods $fill in the blank
Factory Overhead $fill in the blank
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