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 Balance Requisitions ( (A) June 1 June 30 29,500 June 30 118,400 Purchases June 1 Balance Work in Process (B)pune 30 C (B Completed jobs (F) (C) June 30 June 30 June 30 Materials Direct labor Factory overhead applied (D) (E) Finished Goods Cost of goods sold (G) June 1 June 30 Balance Completed jobs o June 30 (F) Wages Payable June 30 Wages incurred 127,500 Factory Overhead June 1 Balance Factory overhead applied (E (E) June 30 June 30 June 30 Indirect labor Indirect materials Other overhead 22,500 June 30 (H) 15,700 114,100 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 220 $20,680 $16,000 202 T200 410 32,500 26,000 203 T400 200 12,400 8,000 204 S200 310 36,670 32,000 205 T300 180 19,260 17,000 3,000 206 S100 100 4,400 Total 1,420 $125,910 $102,000 b. Factory overhead is applied to each job at a rate of 170% of direct labor cost. C. The June 1 Work in Process balance consisted of two jobs, as follows: Work in Process, June Job No. Style 1 201 T100 $6,300 202 T200 16,200 Total $22,500 d. Customer jobs completed and units sold in June were as follows: Job Style Completed in June Units Sold in June No. 201 T100 X 176 202 T200 X 328 203 T400 0 204 S200 260 205 T300 X 149 206 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 "O". Enter all amounts as positive numbers. Job No. Quantity June 1 Work in Process Direct Materials Direct Labor Factory Overhead Total Cost Unit Cost No. 201 $ 6,300 $ 20,680 $ 16,000 $ $ $ No. 202 16,200 26,000 32,500 12,400 No. 203 8,000 No. 204 36,670 32,000 No. 205 19,260 17,000 No. 206 4,400 3,000 Total $22,500 $125,910 $102,000 $ $ a. Materials requisitions b. Work in process beginning balance c. Direct materials d. Direct labor $ e. Factory overhead applied 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 "O". Enter all amounts as positive numbers. June 1 Work in Job No. Quantity Direct Materials Direct Labor Factory Overhead Total Cost Unit Cost Process No. 201 $ 6,300 $ 20,680 $ 16,000 No. 202 16,200 32,500 26,000 No. 203 12,400 8,000 No. 204 36,670 32,000 No. 205 19,260 17,000 No. 206 4,400 3,000 Total $22,500 $125,910 $102,000 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 $ dll! Finished goods $ Factory overhead
