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	29,500	May 31	Requisitions	(a)
31	Purchases	118,500

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	21,500	May 31	Factory overhead applied	(e)
31	Indirect labor	(h)
31	Indirect materials	15,800
31	Other overhead	107,400

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	220			$20,540				$17,000
   102		AF3	380			30,120				24,000
   103		AF2	230			16,410				9,000
   104		VY1	260			29,380				26,000
   105		VY2	190			21,360				17,000
   106		AF4	140			8,240				4,000
   		Total	1,420			$126,050				$97,000

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	$6,600
   102	AF3	14,900
   Total		$21,500

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	176
   102	AF3	X	304
   103	AF2		0
   104	VY1	X	218
   105	VY2	X	158
   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

/

$ 6,600

$ 20,540

$ 17,000

$?

$?

$?

?

$?

No. 102

?

14,900

30,120

24,000

?

?

?

?

?

No. 103

?

16,410

9,000

?

?

?

?

?

No. 104

?

29,380

26,000

?

?

?

?

?

No. 105

?

21,360

17,000

?

?

?

?

?

No. 106

?

8,240

4,000

?

?

?

?

Total

?

$21,500

$126,050

$97,000

$?

$?

$?

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	$ ?