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	28,600	June 30	Requisitions	(A)
June 30	Purchases	114,800

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	113,800

Factory Overhead
June 1	Balance	19,700	June 30	Factory overhead applied	(E)
June 30	Indirect labor	(H)
June 30	Indirect materials	15,300
June 30	Other overhead	91,300

In addition, the following information is available:

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

Job No.		Style	Quantity		Direct Materials				Direct Labor
201		T100	180			$18,160				$13,000
202		T200	370			30,300				24,000
203		T400	220			16,200				9,000
204		S200	240			30,760				25,000
205		T300	160			17,320				15,000
206		S100	150			9,350				5,000
Total			1,320			$122,090				$91,000

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	$5,100
202	T200	14,600
Total		$19,700

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

Job No.	Style	Completed in June	Units Sold in June
201	T100	X	144
202	T200	X	296
203	T400		0
204	S200	X	202
205	T300	X	133
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		$ 5,100		$ 18,160		$ 13,000		$		$		$				$
No. 202		14,600		30,300		24,000
No. 203				16,200		9,000
No. 204				30,760		25,000
No. 205				17,320		15,000
No. 206				9,350		5,000
Total		$19,700		$122,090		$91,000		$		$						$

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	$