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 30,800 May 31 Balance (a) May 1 Requisitions 123,900| Purchases 31 Work in Process (b) 31 Balance Completed jobs (f) May 1 Materials 31 (c) (d) 31 Direct labor 31 Factory overhead applied (e) Finished Goods Cost of goods sold Balance OMay 31 (g) May 1 (f) Completed jobs 31 Wages Payable May 31 122,500 Wages incurred Factory Overhead 20,700 May 31 May 1 Balance Factory overhead applied (e) 31 Indirect labor (h) 16,500 98,900 31 Indirect materials 31 Other overhead In addition, the following information is available: a. Materials and direct labor were applied to the following jobs in May: Quantity Direct Materials Direct Labor Job No. Style $15,000 101 AF1 200 $20,300 102 AF3 370 31,950 24,000 15,320 103 AF2 210 8,000 38,440 104 VY1 320 31,000 105 VY2 160 18,760 15,000 106 130 7,020 5,000 AF4 $98,000 Total 1,390 $131,790 b. Factory overhead is applied to each job at a rate of 160% of direct labor cost c. The May 1 Work in Process balance consisted of two jobs, as follows: Work in Process, Style Job No. May 1 $5,900 101 AF1 102 AF3 14,800 $20,700 Total d. Customer jobs completed and units sold in May were as follows: Units Sold Completed in Job No. in May Style May 101 AF1 X 160 102 AF3 X 296 103 AF2 0 104 VY1 X 269 105 VY2 X 133 106 AF4 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