Analyzing Manufacturing Cost Accounts Fire Rock Company manufactures designer paddle boards in a wide variety of size and styles. The following incomplete ledger accounts refer to transactions that are summarized for June June 1 June 30 Balance Purchases Materials 37.100 sune 30 149.100 Requisitions (A) Work in Process June 1 Completed jobs ) June 30 Balance Materials Direct labor Factory overhead apelled (Bune 30 (C) (0) June 30 June 30 (EX Cost of goods sold Finished Goods ofjune 30 El June 1 June 30 (9) Balance Completed Jobs Wages Payable pune 30 Wages incurred 120.000 Factory overhead applied June 1 June 30 June 30 June 30 balance Indirect labor Indirect materials Other overhead Factory Overhead 21,900 June 30 00 19,000 61,500 In addition, the following information is relaties eBook Print Item Factory overhead applied (E) June 1 June 30 June 30 June 30 Balance Indirect labor Indirect materials Other overhead Factory Overhead 21,900une 30 (H) 19,800 61,500 In addition, the following information is available: a. Materials and direct labor were applied to six jobs in June: Job No. Direct Labor Style T100 Quantity 170 Direct Materials $21,560 201 $12,000 202 T200 420 45,640 13,990 27,000 7,000 203 T400 170 204 S200 300 47,400 30,000 205 T300 170 23,550 16,000 4,000 206 $100 6,520 4 120 1,350 Total $158,660 $96,000 b. Factory overhead is applied to each job at a rate of 130% 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 $4.900 202 T200 17,000 $21.900 Total d. Customer Jobs completed and units sold in June were as follows: Job Completed in Units Sold in Style No. June June Check My Work ebook Printem d. Customer Jobs completed and units sold in June were as follows Job Style Completed in Units Sold in No. June June 201 T:00 X 136 202 T200 X 335 203 T400 0 204 $200 252 205 X 141 206 5100 0 T300 1. Determine the missing amounts associated with each letter and complete the following tablet required, round amounts to the nearest doller un wer weter water and Job No. Quantity Direct Materials Direct Labor Factory Overhead Total Cost June 1 Work in Process $ 4,900 Unit Cout Units Sold Cost of Goods Som No. 201 $ 21,560 $ 12.000 No. 202 17,000 27.000 7,000 No. 203 13,990 II II 47,400 No, 204 No. 205 23.550 30,000 16.000 4,000 No. 206 6,520 Total $21.900 $158.660 596,000 a. Materials requisitions b. Work in process beginning balance C Dir materials d. Direct labor Check My Work Book Painom Total Cost WICE Materials Unit Cost ob No. Quantity Work in Process Labor Overhead $4.900 521,560 No. 201 $ 12,000 27.000 17,000 No. 202 45,640 13,990 No. 203 7,000 30.000 47,400 No. 204 23.550 16,000 No. 205 6.520 4,000 No. 206 121.900 $158.600 196,000 Total a. Materials requisitions b. Work in process beginning balance c. Direct materials d. Direct labor e Factory overhead applied 1. Completed jobs e Cost of goods sold h. Indirect labor 2. Determine the June 20 balances for each of the inventory accounts and factory overhead, the mines se to indicate con Materials Work in process III. Finished goods Factory overhead Check My Work
