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this is my 2nd time posting this one! I need it for tonight please! Chapter 19 Homework #2 eBook Print item Analyzing Manufacturing Cost Accounts
this is my 2nd time posting this one! I need it for tonight please!
Chapter 19 Homework #2 eBook Print item 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: Materials May 1 Balance 105,600 May 31 Requisitions Purchases 500,000 31 Work in Process Completed jobs May 1 31 Balance Materials Direct labor Factory overhead applied (b) May 31 (C) (d) (o 31 31 Finished Goods May 31 Cost of goods sold (9 May 1 3: Balance Completed jobs Wages Payable May 31 Wages incurred 396,000 Chapter 19 Homework #2 eBook Print Item Wages Payable May 31 Wages incurred 396,000 Factory Overhead May 1 Balance 26,400 May 31 Factory overhead applied 31 Indirect labor (h) 31 Indirect materials 15,400 31 Other overhead 122,500 In addition, the following information is available: a. Materials and direct labor were applied to the following jobs in May: Job No. Style Quantity w Direct Materials Direct Labor 101 AF1 330 $ 82,500 $ 59,400 102 AF3 105,400 72,600 103 AF2 500 132,000 110,000 380 104 VY1 400 66,000 39,600 105 VY2 660 118,800 66,000 106 AF4 330 66,000 30,800 200 eBook Print Item Chapter 19 Homework #2 104 VY1 400 66,000 39,600 105 VY2 660 118,800 66,000 106 AF4 330 66,000 30,800 Total 2,600 $570,700 $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, Job No. Style May 1 101 AF1 $26,400 102 AF3 46,000 Total $72,400 d. Customer jobs completed and units sold in May were as follows: Completed Units Sold Job No. Style in May in May 101 AF1 264 102 AF3 X 360 103 AF2 O 104 VY1 384 x x 105 VY2 530 106 AF4 O 1. Decermine the missing amounts associated with each letter by completing the table below. If required, round your unit cost to two decimal places. It www.com in oEnter amounts as positive numbers May 1 Quan Work in Job No. Style tity Process Direct Materials Direct Labor Factory Overhead Total Cost Unit Cost Units Sold No. 101 AF: 330 302.500 559,400 No. 102 A3 380 105.400 72,600 M 103 AF2 500 132.000 110,000 No. 104 WY 400 66,000 39,600 No 105 va 660 110,000 66,000 No 106 AF 330 66,000 30,000 Total 2.600 $570,700 $378,400 a. Materials Requisitions 1. Work in Process Beginning Balance Direct Materials d. Direct Labor e. Factory overhead applied No. 106 AF4 330 66,000 30,800 Total 2.600 $570,700 $378,400 a. Materials Requisitions b. Work in Process Beginning Balances c. Direct Materials d. Direct Labor e. Factory overhead applied f. Completed jobs 9. Cost of goods sold h. Indirect labore 2. Determine the May 31 balances for each of the inventory accounts and factory overhead. Enter all amounts as positive numbers Materials Work in Process Finished Goods Factory Overhead Step by Step Solution
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