Analyzing Manufacturing Cost Accounts

Summer Boards Company manufactures surf boards in a wide variety of sizes and styles. The following incomplete ledger accounts refer to transactions that are summarized for May:

Materials
May	1	Balance	31,900
	31	Purchases	128,300
	31	Requisitions	(A)
Work in Process
May	1	Balance	(B)
	31	Materials	(C)
	31	Direct labor	(D)
	31	Factory overhead applied	(E)
	31	Completed jobs	(F)
Finished Goods
May	1	Balance	0
	31	Completed jobs	(F)
	31	Cost of goods sold	(G)
Wages Payable
May	31	Wages incurred	128,800
Factory Overhead
May	1	Balance	24,300
	31	Indirect labor	(H)
	31	Indirect materials	17,100
	31	Other overhead	101,500
	31	Factory overhead applied	(E)

In addition, the following information is available:

1. Materials and direct labor cost were applied to six jobs in May:

   Job No.		Style	Quantity		Direct Materials			Direct Labor
   No. 0521		SX	230			$22,430			$18,000
   No. 0522		SJ	430			37,510			28,000
   No. 0523		SK	230			15,930			9,000
   No. 0524		T3	290			36,840			30,000
   No. 0525		T6	160			18,600			15,000
   No. 0526		SX	100			5,200			3,000
   		Total	1,440			$136,510			$103,000

2. Factory overhead is applied to each job at a rate of 160% of direct labor cost.
3. The May 1 Work in Process balance consisted of two jobs, as follows:

   Job No.	Style	Work in Process, May 1
   Job 0521	SX	$6,900
   Job 0522	SJ	17,400
   Total		$24,300

4. Customer jobs completed and units sold in May were as follows:

   Job No.	Style	Completed in May	Units Sold in May
   No. 0521	SX	X	184
   No. 0522	SJ	X	344
   No. 0523	SK		0
   No. 0524	T3	X	244
   No. 0525	T6	X	133
   No. 0526	SX		0

1. Determine the missing amounts associated with each letter and complete the following table. If required, round amounts to the nearest cent. If an amount is zero, enter in "0". Enter all amounts as positive numbers.

Job No.	Quantity	May 1 Work in Process	Direct Materials	Direct Labor	Factory Overhead	Total Cost	Unit Cost	Units Sold	Cost of Goods Sold
No. 0521		$	$	$	$	$	$		$
No. 0522
No. 0523
No. 0524
No. 0525
No. 0526
Total		$	$	$	$	$			$

A. $

B. $

C $

D. $

E. $

F. $

G. $

H. $

2. Determine the May 31 balances for each of the inventory accounts and factory overhead.

Materials:	$
Work in Process:	$
Finished Goods:	$
Factory Overhead:	$