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Analyzing Manufacturing Cost Accounts Big Wave Company manufactures surf boards in a wide variety of sizes and styles. The following incomplete ledger accounts refer to transactions that are summarized for July: July 1 July 31 Requisitions Materials 31,600 July 31 127,000 Balance Purchases Work in Process (B)Puly 31 Completed jobs July 1 July 31 July 31 July 31 Balance Materials Direct labor Factory overhead applied COC Finished Goods Ouly 31 Cost of goods sold July 1 July 31 Balance Completed jobs Wages Payable July 31 Wages incurred 125,000 Factory overhead applied July 1 July 31 July 31 July 31 Balance Indirect labor Indirect materials Other overhead Factory Overhead 22,500 July 31 (H) 16,900 99,400 In addition, the following information is available: a. Materials and direct labor were applied to six jobs in July: Job No. Style Quantity Direct Materials Direct Labor 190 $20,510 $14,000 No. 21 No. 22 X-10 X-20 420 27,000 X-50 210 310 37,220 14,900 38,940 17,000 8,000 32,000 T-20 X-40 160 15,000 No. 26 T-10 120 6,520 4,000 Total 1,410 $135,090 $100,000 b. Factory overhead is applied to each job at a rate of 160% of direct labor cost. c. The July 1 Work in Process balance consisted of two jobs, as follows: Job No. Style Work in Process, July 1 $5,600 Job 21 Job 22 Total X-10 X-20 16,900 $22,500 d. Customer jobs completed and units sold in July were as follows: Job No. Style Completed in July Units Sold in July 152 No. 21 X-10 No. 22 X-20 No. 23 X-50 No. 24 T-20 No. 25 X-40 No. 26 T-10 1. Determine the missing amounts associated with each letter and complete the following table. If required, round amounts to the nearest dollar. If an answer is zero, enter in "0". Enter all amounts as positive numbers. Job No. Quantity July 1 Work in Process Direct Materials Direct Labor Factory Overhead Total Cost Unit Cost Unit Units Sold cost of Goods Sold $ 5,600 $ 14,000 16,900 27,000 $ 20,510 37,220 14,900 38,940 17,000 8,000 32,000 15,000 6,520 4,000 Total $22,500 135,090 100,000 $ $ a. Materials Requisitions $ b. Work in Process Beginning Balance $ c. Direct Materials $ d. Direct Labor $ e. Factory overhead applied $ f. Completed jobs $ g. Cost of goods sold $ h. Indirect labor $ 2. Determine the July 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

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