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Please answer all components of the question. Analyzing Manufacturing Cost Accounts Clapton Company manufactures custom guitars in a wide variety of styles. The following incomplete
Please answer all components of the question.
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 summarum for May Materials May 1 31 Balance Purchases Requisitions (a) 35,800 May 31 143,600 Work in Process Completed jobs May 1 31 Balance Materials (6) 31 (c) (d) 31 Direct labor Factory overhead applied 31 Finished Goods (9) Cost of goods sold May 1 Balance olMay 31 (o 31 Completed jobs Wages Payable May 31 Wages incurred 123,000 Factory Overhead Balance ce Factory overhead applied May 1 31 31 Indirect labor Indirect materials 23,100 May 31 (10 19,1001 74,500 31 Other overhead In addition, the following information is available: a. Materials and direct labor were applied to the following jobs in May Direct Materials Direct Labor Style Quantity Job No. $16,000 220 $26,700 101 AFI 27,000 41,050 102 AF3 430 7,000 13,260 180 AF2 103 30,000 43,010 310 VY1 104 15,000 20,960 160 VY2 Ann Prev 105 105 VY2 160 15,000 20,960 7,800 106 AF4 120 4,000 Total 1,420 $152,780 $99,000 b. Factory overhead is applied to each job at a rate of 140% of direct labor cost. The May 1 Work in Process balance consisted of two jobs, as follows: Work in Process, May 1 Job No. Style 101 AF1 $6,400 102 AF3 16,700 Total $23,100 d. Customer jobs completed and units sold in May were as follows: Units Sold Completed in in May Style May Job No. X 176 101 AF1 344 102 AF3 0 103 AF2 260 X 104 VY1 106 Required: 1. Determine the missing amounts associated with each letter and complete the following table. It reared, did amounts to the nearest dollar lan answer is zero, entero Enter all amounts as positive numbers May 1 Work in Process Direct Direct Materials Factory Overhead Total Cost Unit Cost Units So Job No Quantity Labor 176 325 22.400 71,500 $ 16,000 101 220 56.400 $ 26,700 1,050 122,550 285 344 37.800 16,700 430 27,000 Na 102 > O 1807 30,050 7.000 13.260 103 9.500 260 371 43,010 42.000 30,000 115,010 310 NO 100 56,960 356 21,000 133 15,000 160 20.960 No 105 0 7.300 17.400 5.600 4,000 120 No 106 Total 413,480 1.420 7 $23.100 $152.750 $99,000 135600 a. Materials Requisitions 171.380 a. Materials Requisitions 171,880 b. Work in Process Beginning Balance 23,100 c. Direct Materials 152,780 d. Direct Labor $99,000 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 I!!! Finished Goods Factory Overhead Step by Step Solution
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