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

Transaction Debit amount Transaction Credit amount

June $1$ Balance $82,500$ June $30$ Requisitions $($A$)$

June $30$ Purchases $330,000$

Work in Process

Transaction Debit amount Transaction Credit amount

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

Transaction Debit amount Transaction Credit amount

June $1$ Balance $0$ June $30$ Cost of goods sold $($G$)$

June $30$ Completed jobs $($F$)$

Wages Payable

Transaction Debit amount Transaction Credit amount

June $30$ Wages incurred $330,000$

Factory Overhead

Transaction Debit amount Transaction Credit amount

June $1$ Balance $33,000$ June $30$ Factory overhead applied $($E$)$

June $30$ Indirect labor $($H$)$

June $30$ Indirect materials $44,000$

June $30$ Other overhead $237,500$

In addition, the following information is available:

Materials and direct labor were applied to six jobs in June:

Job No$.$ Style Quantity Direct Materials Direct Labor

$201$ T$100550$ $$55,000$ $$41,250$

$202$ T$2001,10093,50071,500$

$203$ T$40055038,50022,000$

$204$ S$20066082,50069,300$

$205$ T$30048060,00048,000$

$206$ S$10038022,00012,400$

Total $3,720$ $$351,500$ $$264,450$

Factory overhead is applied to each job at a rate of $140\%$ of direct labor cost.

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

Job No$.$ Style Work in Process,

June $1$

$201$ T$100$ $$16,500$

$202$ T$20044,000$

Total $$60,500$

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

Job No$.$ Style Completed

in June Units Sold

in June

$201$ T$100$ X $440$

$202$ T$200$ X $880$

$203$ T$4000$

$204$ S$200$ X $570$

$205$ T$300$ X $420$

$206$ S$100$