Clapton Company manufactures custom guitars in a wide variety of styles. The following incomplete ledger accounts refer to transactions that are summarized for May

Instructions

1. Determine the missing amounts associated with each letter. Provide supporting calculations by completing a table with the following headings: Job no. --Quantity --May 1Work in Process --Direct Materials--Direct Labor--Factory Overhead--Total Cost--Unit Cost--Units Sold--Cost of Goods Sold 2. Determine the May 31 balances for each of the inventory accounts and factory overhead.

105,600 May 31 Requisitions 500,000 May 1 Balance 31 Purchases Work in Process May 1 Balance (B) May 31 Completed jobs 31 Materials 31 Direct labor 31 Factory overhead applied Finished Goods May 1 Balance 0 May 31 Cost of goods sold 31 Completed jobs Wages Payable May 31 Wages incurred 396,000 Factory Ovorhoad 26,400 May 31 Factory overhead applied 15,400 May 1 Balance 31 Indirect labor 31 Indirect materials 31 Other overhead 122,500 In addition, the following information is available a. Materials and direct labor were applied to six jobs in May: Direct Materials Direct Labor Job No. 101 102 103 104 105 106 AF1 AF3 AF2 VY1 VY2 AF4 Total 59,400 72,600 110,000 9,600 66,000 330 380 500 82,500 105,400 132,000 66,000 118,800 6,000 $570,700 330 2,600 378,400 b. Factory overhead is applied to each job at a rate of 50% of direct labor cost. c. The May 1 Work in Process balance consisted of two jobs, as follows: Work in Process, May 1 Job No.Style Job 101 Job 102 Total AF1 AF3 26,400 $72,400 (Continued)