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	28,900	May 31	Requisitions	(a)
31	Purchases	116,000

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	122,500

Factory Overhead
May 1	Balance	23,000	May 31	Factory overhead applied	(e)
31	Indirect labor	(h)
31	Indirect materials	15,400
31	Other overhead	107,800

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	190			$19,110				$14,000
   102		AF3	430			34,710				28,000
   103		AF2	220			13,540				9,000
   104		VY1	280			34,260				29,000
   105		VY2	150			14,850				14,000
   106		AF4	140			6,980				4,000
   		Total	1,410			$123,450				$98,000

2. Factory overhead is applied to each job at a rate of 170% 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	$5,600
   102	AF3	17,400
   Total		$23,000

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	152
   102	AF3	X	344
   103	AF2		0
   104	VY1	X	235
   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 "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		$ 5,600		$ 19,110		$ 14,000		$		$		$				$
No. 102		17,400		34,710		28,000
No. 103				13,540		9,000
No. 104				34,260		29,000
No. 105				14,850		14,000
No. 106				6,980		4,000
Total		$23,000		$123,450		$98,000		$		$						$

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	$
Finished Goods	$
Factory Overhead	$