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 June 30 Balance Purchases Requisitions 28,500une 30 114,500 (A) Work in Process Completed Jobs (F) June 1 June 30 June 30 June 30 Balance Materials Direct labor Factory overhead applied ( Bune 30 (C) (D (E) Finished Goods olune 30 Cost of goods sold (6) June 1 June 30 Balance Completed jobs Wages Payable June 30 Wages incurred 118,300 Factory overhead applied (E) June 1 June 30 June 30 June 30 Balance Indirect labor Indirect materials Other overhead Factory Overhead 23,600June 30 (H) 15,200 102,9001 In addition, the following information is available: Direct Labor $17,000 202 27.000 a. Materials and direct labor were applied to six jobs in July! Job No. Style Quantity Direct Materials 201 T100 230 $21,100 T200 430 34,800 203 T400 200 11,600 204 5200 240 28,800 205 T300 150 16,200 206 5100 150 9,300 1,400 $121,000 3.000 24.000 14,000 5,000 $95,000 Tota b. Factory overhead is applied to each job at a rate of 170% of direct labor cost c. The Sune 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 17.000 $23,600 Total d. Customer jobs completed and units sold in July were as follows: Job No. Style Completed in July Units sold in July 203 T100 164 202 T200 203 T400 X 204 S200 202 125 205 T300 206 5100 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 hapter 16 Assignment 3 eBook Calculator Job No. Quantity Direct Materials Direct Labor Factory Overhead Total Cost Unit Cost Units Sold Cost of Goode June 1 Work in Process $ 6,600 17,000 No. 201 230 $ 21,100 $ 17,000 28,900 No. 202 430 34,800 27,000 45,900 No. 203 200 11,600 8,000 IN No. 204 240 20,800 13,600 40,800 23,800 24,000 No. 205 150 16,200 14,000 No. 205 150 9,300 5.000 8,500 Total 1,400 $23,600 121,800 95,000 161,500 Materials Requisitions b. Work in Process Beginning Balance c. Direct Materials d. Direct Labor e. Factory overhead applied 1. Completed jobs Chapter 16 Assignment 3 eBook Calculator Total 1,400 $23,600 121,800 95,000 161,500 a. Materials Requisitions b. Work in Process Beginning Balance c. Direct Materials d. Direct Labor e. Factory overhead applied 1. Completed jobs g. Cost of goods sold 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
