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:

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 une 1 Balance 35,800 June 30 Requisitions une 30 Purchases 143,900 Work in Process Balance Materials Direct labor Factory overhead applied (B) June 30 Completed jobs June 1 une 30 une 30 June 30 Finished Goods une 1 Balance OJune 30 Cost of goods sold une 30 Completed jobs Wages Payable une 30 Wages incurred 115,000 Factory overhead 21,300 June 30 June 1 June 30 June 30 June 30 Balance Indirect labor Indirect materials Other overhead Factory overhead applied 19,100 58,400 In addition, the following information is available: a. Materials and direct labor were applied to six jobs in July: Job No. 201 202 203 204 205 206 Style T100 T200 T400 S200 T300 S100 Total Quantity Direct Materials Direct Labor 170 420 210 250 180 100 1,330 $20,690 43,600 18,350 39,500 24,800 6,100 $153,040 $13,000 26,000 8,000 25,000 17,000 3,000 $92,000 D. 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 201 202 Total Work in Process, June 1 $5,000 16,300 $21,300 T100 T200 d. Customer jobs completed and units sold in July were as follows: Job No. Style Completed in July Units Sold in July 201 T100 202 T200 203 T400 204S200 205 T300 206 S100 136 336 0 210 149 0 1. Determine the missing amounts assoclated with each letter and complete the following table. If required, round amounts to the nearest dollar. If an answer is zero, enter in "o". Enter all amounts as positive numbers. June 1 Work in ProcesS Direct Direct Factory Overhead Job No Quantity Total Cost Unit Cost Units Sold Cost of Goods Sold Materials Labor 1705,000 $20,690 13,0o0 42016,300 43,600 26,000 8,000 25,000 17,000 3,000 1,330 21,300 153,040 92,000 No. 201 136 No. 202 336 210 250 180 100 18,350 39,500 24,800 6,100 No. 203 210 No. 204 No. 205 No. 206 Total 149 172,140V a. Materials Requisitions b. Work in Process Beginning Balance c. Direct Material:s d. Direct Labor e. Factory overhead applied 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 7,560 Materials: Work in Process: Finished Goods: Factory Overhead