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 Requisitions (A) Balance Purchases 30,100 June 30 120,700 June 30 Work in Process (B)June 30 Completed jobs (F) June 1 June 30 June 30 (C) Balance Materials Direct labor Factory overhead applied (D) (E) June 30 Finished Goods June 1 Balance OlJune 30 Cost of goods sold (G) June 30 Completed jobs (F) Wages Payable June 30 Wages incurred 118,800 June 1 Balance Factory overhead applied (E) June 30 June 30 Indirect labor Indirect materials Factory Overhead 21,700 June 30 (H) 16,1001 94,000 June 30 Other overhead 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 T100 230 $22,110 202 T200 380 33,840 203 T400 220 15,100 201 Direct Labor $17,000 24,000 9,000 204 S200 270 33,040 28,000 205 T300 150 17,750 14,000 206 S100 100 6,600 3,000 Total 1,350 $128,440 $95,000 b. Factory overhead is applied to each job at a rate of 160% 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 $6,600 202 T200 15,100 Total $21,700 d. Customer jobs completed and units sold in July were as follows: Job No. Style Completed in July Units sold in July T100 184 202 T200 304 201 X X 203 T400 0 204 S200 X 227 205 T300 X 125 206 S100 0 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. 201 230 $ 6,600 $ 22,110 $ 17,000 No. 202 380 15,100 33,840 24,000 No. 203 220 15,100 9,000 No. 204 270 33,040 28,000 No. 205 150 17,750 14,000 No. 206 100 6,600 3,000 Total 1,350 $21,700 128,440 95,000 a. Materials Requisitions s 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