Analyzing Manufacturing Cost Accounts Fre Rock Company manufactures designer paddle boards in a wide variety of sizes and styles. The following incomplete ledger accounts refer to transactions that are ward for June Dne 1 June 30 Balance Purchases Materials 29.700 ne 30 119.400 Requisition (A) Complete Work in Pro ne 30 (c) (D) June 1 June 30 30 June 30 ( Balance Materials Direct labor Factory overhead applied June 1 June 30 Finished Goods June 30 FX Balance Completed jobs Cist of goods (0) Wages Payable Sune 30 Wages incurred 123,000 Factory overhead applied unei June 30 June 30 nen Balance Indirect labor Indirect materials cherrhea Factory Overhead 22.00 CH 15.900 OR Factory overhead applied June 1 June 30 une 30 June 30 Balance Indirect labor Indirect materials Other verhead Factory Overhead 22,900 June 30 CHO 15.900 108,900 Sob Ne Direct Labor In addition, the following information is available - Materials and direct labor were applied to st jobs in July Style Quantity Direct Materials 201 T100 230 $21.690 202 T200 22.400 203 200 13.400 204 5200 290 34.000 205 T300 130 16.350 206 S100 150 $17.000 26.000 T400 8.000 29.000 14.000 5,000 Total 1.420 $127.040 $99,000 Factory overhead is applied to each sob at a rate of 170% of direlabor cost. The June 1 Work in Process balance consisted of two follow Job No Style Work in process, June 1 201 T100 $6.700 202 7200 16,200 1. Determine the amounts associated with each letter and complete the following table required, round amounts to the nearest dollar. If an aner is, enter in "O". Enter all amounts as positive numbers June 1 Job No. Quantity Direct Mata Direct Lab Factory Overhead Totalt Cout Cast of Goods Sold No. 201 $ 6,700 $ 21.00 No. 202 $ 17,000 20.000 16200 2.400 No. 203 No. 201 14.00 16.350 205 206 $22.900 17.00 9.000 Work in Processing Balance Direct Materials Direct Factory overheadplied Completed Jobs Caut of goods sold Indlab . Determine the June 30 balances for each of the inventory accounts and factory overhand. Use the minus sign to indicate any credit balances. Materials Work in process Finished Goods Factory Overheads 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: Job No. Style Work in Process, June 1 201 T100 $6,700 202 T200 16,200 Total $22,900 d. Customer jobs completed and units sold in July were as follows: Job No. Style Completed in July Units Sold in July 201 T100 184 X X 202 T200 320 203 T400 0 204 S200 244 X X 205 T300 125 206 S100 0 1. Determine the missing amounts associated with each letter and complete the folle positive numbers. Job No. Quantity June 1 Work in Process Direct Materials Direct Labor Facto Overh walculator Print Item Direct labor Factory overhead applied (D) (E) Finished Goods Balance Completed jobs Cost of goods sold June 30 (F) (G) Wages Payable June 30 Wages incurred 123,800 Factory overhead applied (E) Balance Indirect labor Indirect materials Other overhead Factory Overhead 22,900 June 30 (H) 15.900 108.900 0 ho tion, the following information is available: erials and direct labor were applied to six jobs in July Style Quantity Direct Materials o. Direct Labor T100 230 521,690 T200 400 32,400 517.000 26,000 8,000 T400 200 S200 290 13,400 34,800 16.350 29.000 T300 150 14,000
