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: May 1 Balance Materials 33,600 May 31 134,900 Requisitions (a) 31 Purchases Work in Process May 1 Balance (b) 31 Completed jobs () 31 Materials Direct labor Factory overhead applied (C) (d) 31 31 (e) Finished Goods May 1 Balance O May 31 Cost of goods sold (9) olmay 31 Completed jobs Wages Payable May 31 Wages incurred 113,800 Factory Overhead 20,500 May 31 May 1 Factory overhead applied (e) 31 (n) Balance Indirect labor Indirect materials Other overhead 31 17,900 68,800 31 In addition, the following information is available: a. Materials and direct labor were applied to the following jobs in May: Job No. Style Direct Materials 101 AF1 Quantity 200 370 $24,100 Direct Labor $15,000 24,000 9,000 102 AF3 35,470 19,110 103 AF2 230 104 VY1 260 37,440 26,000 105 VY2 150 19,950 14,000 106 AF4 110 7,430 3,000 Total 1,320 $143,500 $91,000 b. Factory overhead is applied to each job at a rate of 140% 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 $5,900 102 AF3 14,600 Total $20,500 d. Customer jobs completed and units sold in May were as follows: Completed in May Units Sold in May Job No. Style 101 AF1 X 160 102 AF3 296 103 AF2 0 104 VY1 218 105 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 "O". Enter all amounts as positive numbers. May 1 Work in Process Direct Cost of Goods Sold Direct Materials Factory Overhead Job No. Quantity Labor Total Cost Unit Cost Units Sold No. 101 $ 5,900 $ 24,100 $ 15,000 No. 102 14,600 35,470 24,000 No. 103 19,110 9,000 No. 104 26,000 37,440 19,950 No. 105 14,000 No. 106 7,430 3,000 Total $20,500 $143,500 $91,000 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 boll Finished Goods $ Factory Overhead