PR 17-4B Analyzing manufacturing cost accounts OBJ. 2 Clapton Company manufactures oete ledger accounts refer to transactions that are summarized for May: custom guitars in a wide variety of styles. The following Materials May 1 Balance 105,600 May 31 Requisitions 500,000 31 Purchases Work in Process May 1 Balance (B) May 31 Completed jobs 31 Materials 31 Direct labor 31 Factory overhead applied IDI Finished Goods May 1 Balance 0 May 31 Cost of goods sold 31 Completed jobs Wages Payable May 31 Wages incurred 396,000 Factory Overhead 26,400 May 31 Factory overhead applied 15,400 May 1 Balance E) 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: Job No. 101 102 103 104 105 106 Style Quantity Direct MaterialsDirect Labor AF1 AF3 AF2 VY1 VY2 330 380 500 400 660 330 82,500 105,400 132,000 66,000 118,800 66,000 $570,700 $ 59,400 72,600 110,000 39,600 66,000 30,800 $378,400 Total 2600 $00 $378400 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, Job No. Style Job 101 AF1 Job 102 AF3 Total $26,400 46,000 $72,400 (Continue PR 17-4B Analyzing manufacturing cost accounts OBJ. 2 Clapton Company manufactures oete ledger accounts refer to transactions that are summarized for May: custom guitars in a wide variety of styles. The following Materials May 1 Balance 105,600 May 31 Requisitions 500,000 31 Purchases Work in Process May 1 Balance (B) May 31 Completed jobs 31 Materials 31 Direct labor 31 Factory overhead applied IDI Finished Goods May 1 Balance 0 May 31 Cost of goods sold 31 Completed jobs Wages Payable May 31 Wages incurred 396,000 Factory Overhead 26,400 May 31 Factory overhead applied 15,400 May 1 Balance E) 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: Job No. 101 102 103 104 105 106 Style Quantity Direct MaterialsDirect Labor AF1 AF3 AF2 VY1 VY2 330 380 500 400 660 330 82,500 105,400 132,000 66,000 118,800 66,000 $570,700 $ 59,400 72,600 110,000 39,600 66,000 30,800 $378,400 Total 2600 $00 $378400 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, Job No. Style Job 101 AF1 Job 102 AF3 Total $26,400 46,000 $72,400 (Continue