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 82,500June 30 Requisitions (A) June 30 Purchases 330,000 ( June 1 Balance June 30 Materials June 30 Direct labor June 30 Factory overhead applied Work In Process (Bure 30 Completed Jobs ol (0) (E) Finished Goods June 30 Cost of goods sold (F) Balance June 30 Completed job (0) Wages Payable pune 30 Wages incurred 330,000 Factory Overhead 31,000 June 30 Factory overhead Balance June 30 Indirect later CH June 3 Indirect materiais 44,000 June 6 Other 237,500 in on, the following information is wie Materials and director were to jobs in Juner Direct Style Quantity 201 T100 550 455.000 $41,250 202 7200 1,100 93.500 71,500 203 T400 550 38,500 22.000 304 32,500 7300 60,000 206 SLOS 300 TO 2.720 $350.500 264.450 Tota 3,720 $351,500 $264,450 b. Factory overhead is applied to each job at ante 140% of direct labor cost. The Dune 1 Work in Process balance consisted of two jobs, as follows: Job Work in No. Style Process, June 1 201 T100 $16,500 202 T200 44,000 Total $50,500 d. Customer jobs completed and units sold in June were as follows: Units Job Completed No. Style Sold In June in June 201 T100 X 440 202 T200 X 880 T400 0 204 5200 X 205 T300 420 206 5100 0 Required 203 570 1. Determine the missing amounts associated with each letter by completing the table below. If an answer is zero, enter in "o"Enter all amounts as positive numbers June 1 Job Quan- Direct Direct Factory Cast of God Work in tity Total Cost Unit Cost No. Units Solid Labor Materiale Overhead Process Sold 550 $55,000 141,250 No 201 No. 202 No. 203 1,100 93,550 71,500 550 30.500 22,000 II i No. 204 660 82,500 69,300 Na 205 480 60,000 48,000 380 206 22.000 12,400 $264,450 Total 3.720 $351.500 A. Materiale Requisitions ! 8. Work in Process Beginning Balance C. Direct Materials D. Direct Labor No. 202 1,100 93,500 71,500 No. 550 38,500 203 22,000 No. 660 204 82,500 69,300 DO 10 IIIII No. 205 480 60,000 48,000 No. 380 22,000 206 12,400 Total 3,720 $ $351,500 $264,450 $1 A. Materials Requisitions $ B. Work in Process Beginning Balance C. Direct Materials D. Direct Labor $ E. Factory overhead applied s 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. Materials Work in Process Finished Goods $ Factory Overhead $
