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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 31,400 May 31 Requisitions (a)
May 31 Purchases 126,100

Work in Process
May 1 Balance (b) May 31 Completed jobs (f)
May 31 Materials (c)
May 31 Direct labor (d)
May 31 Factory overhead applied (e)

Finished Goods
May 1 Balance 0 May 31 Cost of goods sold (g)
May 31 Completed jobs (f)

Wages Payable
May 31 Wages incurred 125,000

Factory Overhead
May 1 Balance 21,700 May 31 Factory overhead applied (e)
May 31 Indirect labor (h)
May 31 Indirect materials 16,800
May 31 Other overhead 100,400

In addition, the following information is available:

Materials and direct labor were applied to the following jobs in May:

Job No. Style Quantity Direct Materials Direct Labor
101 AF1 180 $17,800 $13,000
102 AF3 420 35,420 27,000
103 AF2 180 13,300 7,000
104 VY1 320 39,040 32,000
105 VY2 180 20,060 17,000
106 AF4 150 8,500 4,000
Total 1,430 $134,120 $100,000

Factory overhead is applied to each job at a rate of 160% of direct labor cost.

The May 1 Work in Process balance consisted of two jobs, as follows:

Job No. Style Work in Process, May 1
101 AF1 $5,100
102 AF3 16,600
Total $21,700

Customer jobs completed and units sold in May were as follows:

Job No. Style Completed in May Units Sold in May
101 AF1 X 144
102 AF3 X 336
103 AF2 0
104 VY1 X 269
105 VY2 X 149
106 AF4 0

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 $ 5,100 $ 17,800 $ 13,000 $ $ $ $
No. 102 16,600 35,420 27,000
No. 103 13,300 7,000
No. 104 39,040 32,000
No. 105 20,060 17,000
No. 106 8,500 4,000
Total $21,700 134,120 100,000 $ $ $

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: $

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