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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 37,500 May 31 Requisitions (a)
31 Purchases 150,600

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 21,700 May 31 Factory overhead applied (e)
31 Indirect labor (h)
31 Indirect materials 20,000
31 Other overhead 62,500

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 170 $21,030 $13,000
    102 AF3 430 44,180 27,000
    103 AF2 210 17,720 8,000
    104 VY1 300 45,900 30,000
    105 VY2 160 21,500 15,000
    106 AF4 150 9,850 4,000
    Total 1,420 $160,180 $97,000
  2. Factory overhead is applied to each job at a rate of 130% 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 $5,000
    102 AF3 16,700
    Total $21,700
  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 136
    102 AF3 X 344
    103 AF2 0
    104 VY1 X 252
    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 x $ 5,000 $ 21,030 $ 13,000 $x $x $x x $x
No. 102 x 16,700 44,180 27,000 x x x x x
No. 103 x 17,720 8,000 x x x x
No. 104 x 45,900 30,000 x x x x x
No. 105 x 21,500 15,000 x x x x x
No. 106 x 9,850 4,000 x x x x
Total x $21,700 $160,180 $97,000 $x $x $x

a. Materials Requisitions $__x_______

b. Work in Process Beginning Balance $_x________

c. Direct Materials $___x________

d. Direct Labor $____x______

e. Factory overhead applied $_____x_______

f. Completed jobs $___x________

g. Cost of goods sold $____x_______

h. Indirect labor $____x_________

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 $x
Work in Process $x
Finished Goods $x
Factory Overhead $x

Wherever there is an "x" theres an amount box for me to fill. Thanks!

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