Analyzing Manufacturing Cost Accounts

Fire Rock Company manufactures designer paddle boards in a wide variety of sizes and styles. The following incomplete ledger accounts refer to transactions that are summarized for June:

Materials
June 1	Balance	28,100	June 30	Requisitions	(A)
June 30	Purchases	112,800

Work in Process
June 1	Balance	(B)	June 30	Completed jobs	(F)
June 30	Materials	(C)
June 30	Direct labor	(D)
June 30	Factory overhead applied	(E)

Finished Goods
June 1	Balance	0	June 30	Cost of goods sold	(G)
June 30	Completed jobs	(F)

Wages Payable
			June 30	Wages incurred	122,500

Factory Overhead
June 1	Balance	22,300	June 30	Factory overhead applied	(E)
June 30	Indirect labor	(H)
June 30	Indirect materials	15,000
June 30	Other overhead	109,000

In addition, the following information is available:

a. Materials and direct labor were applied to six jobs in July:

Job No.		Style	Quantity		Direct Materials				Direct Labor
201		T100	220			$21,240				$16,000
202		T200	410			30,750				26,000
203		T400	190			12,220				8,000
204		S200	290			32,680				30,000
205		T300	150			15,900				14,000
206		S100	140			7,260				4,000
		Total	1,400			$120,050				$98,000

b. Factory overhead is applied to each job at a rate of 170% of direct labor cost.

c. The June 1 Work in Process balance consisted of two jobs, as follows:

Job No.	Style	Work in Process, June 1
201	T100	$6,400
202	T200	15,900
Total		$22,300

d. Customer jobs completed and units sold in July were as follows:

Job No.	Style	Completed in July	Units Sold in July
201	T100	X	176
202	T200	X	328
203	T400		0
204	S200	X	244
205	T300	X	125
206	S100		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	June 1 Work in Process		Direct Materials		Direct Labor		Factory Overhead		Total Cost		Unit Cost		Units Sold	Cost of Goods Sold
No. 201		$ 6,400		$ 21,240		$ 16,000		$		$		$				$
No. 202		15,900		30,750		26,000
No. 203				12,220		8,000
No. 204				32,680		30,000
No. 205				15,900		14,000
No. 206				7,260		4,000
Total		$22,300		120,050		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 June 30 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:	$