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Analyzing Manufacturing Cost Accounts Clapton Company manufactures custom guitars in a wide variety of styles. The following incomplete ledger accounts refer to transactions that are summarized for May: May 1 31 Balance Purchases Materials 35,300 May 31 141,800 Requisitions Completed jobs 0 May 1 31 31 31 Balance Materials Direct labor Factory overhead applied Work In Process (6) 31 c) (d) (e) Cost of goods sold Finished Goods May 31 co May 1 31 (9) Balance Completed Jobs Wages Payable May 31 Wages incurred 121,300 Wages Payable May 31 Wages incurred 121,300 May 1 31 Factory overhead applied (e) Balance Indirect labor Indirect materials Other overhead Factory Overhead 20,700 May 31 (h) 18,900 74,800 31 31 In addition, the following Information is available: a. Materials and direct labor were applied to the following jobs in May: Style Job No. 101 Quantity 180 AF1 102 AF3 400 103 AF2 180 Direct Materials $21,380 38,500 13,800 46,580 23,640 6,900 Direct Labor $13,000 25,000 7,000 32,000 17,000 3,000 104 VY1 310 105 VY2 180 106 AF4 100 105 VY2 180 23,640 17,000 106 AF4 100 6,900 3,000 Total 1,350 $150,800 $97,000 b. Factory overhead is applied to each job at a rate of 140% 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 101 AF1 $5,200 102 AF3 15,500 Total $20,700 d. Customer jobs completed and units sold in May were as follows: Completed in May Units Sold in May Job No. Style 101 AF1 144 102 AF3 X 320 103 AF2 0 104 VY1 260 105 VY2 149 A. 104 VY: X 260 105 VY2 149 106 AF4 0 Required: 1. Determine the missing amounts associated with each letter and complete the following table. If required, round amounts to the nearest dollar, 1 an answer is zero, enter in "Enter all amounts as positive numbers. Job No. Quantity May 1 Work in Process $5,200 15,500 Direct Labor Factory Overhead Total Cost Unit Cost Units Sold No. 101 Direct Materials $ 21,380 38,500 $ 13,000 No. 102 25,000 No. 103 13,800 7,000 No. 104 46,580 32,000 II No. 105 No. 106 23,640 6,900 $150,800 17,000 3,000 $97,000 IM Total $20,700 a. Materials Requisitions Total $20,700 $150,800 $97,000 a. Materials Requisitions b. Work in Process Beginning Balance c. Direct Materials d. Direct Labor e. Factory overhead applied f. Completed jobs 9. Cost of goods sold h. Indirect labor 2. Determine the May 31 balances for each of the inventory accounts and factory overhead. Use the minus sign to indicate any credit balances. Materials Work in Process Finished Goods Factory Overhead