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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:

Materials

May $1$ Balance $31,500$ May $31$ Requisitions $($a$)$

$31$ Purchases $126,600$

Work in Process

May $1$ Balance $($b$)31$ Completed jobs $($f$)$

$31$ Materials $($c$)$

$31$ Direct labor $($d$)$

$31$ Factory overhead applied $($e$)$

Finished Goods

May $1$ Balance $0$ May $31$ Cost of goods sold $($g$)$

$31$ Completed jobs $($f$)$

Wages Payable

May $31$ Wages incurred $121,300$

Factory Overhead

May $1$ Balance $22,100$ May $31$ Factory overhead applied $($e$)$

$31$ Indirect labor $($h$)$

$31$ Indirect materials $16,800$

$31$ Other overhead $95,700$

In addition, the following information is available:

Materials and direct labor were applied to the following jobs in May:

Job No$.$ Style Quantity Direct Materials Direct Labor

$101$ AF$1230$ $$24,670$ $$17,000$

$102$ AF$338032,56025,000$

$103$ AF$217012,6206,000$

$104$ VY$128035,08027,000$

$105$ VY$219021,41018,000$

$106$ AF$41408,3604,000$

Total $1,390$ $$134,700$ $$97,000$

Factory overhead is applied to each job at a rate of $160\%$ of direct labor cost.

The May $1$ Work in Process balance consisted of two jobs, as follows:

Job No$.$ Style Work in Process,

May $1$

$101$ AF$1$ $$6,800$

$102$ AF$315,300$

Total $$22,100$

Customer jobs completed and units sold in May were as follows:

Job No$.$ Style Completed in

May Units Sold

in May

$101$ AF$1$ X $184$

$102$ AF$3$ X $304$

$103$ AF$20$

$104$ VY$1$ X $235$

$105$ VY$2$ X $158$

$106$ AF$40$

Required:

$1.$ 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 May $1$

Work in

Process Direct

Materials Direct

Labor Factory

Overhead Total Cost Unit Cost Units Sold Cost of Goods Sold

No$.101$ fill in the blank $1$

$230$

$ $6,800$ $ $24,670$ $ $17,000$ $fill in the blank $2$

$27,200$

$fill in the blank $3$

$75,670$

$fill in the blank $4$

$411$

fill in the blank $5$

$184$

$fill in the blank $6$

$75,730$

No$.102$ fill in the blank $7$

$380$

$15,30032,56025,000$ fill in the blank $8$

$40,000$

fill in the blank $9$

$112,860$

fill in the blank $10$

$371$

fill in the blank $11$

$304$

fill in the blank $12$

$112,862$

No$.103$ fill in the blank $13$

$170$

$12,6206,000$ fill in the blank $14$

$9,600$

fill in the blank $15$

$28,220$

fill in the blank $16$

$0$

fill in the blank $17$

$0$

No$.104$ fill in the blank $18$

$280$

$35,08027,000$ fill in the blank $19$

$43,200$

fill in the blank $20$

$105,280$

fill in the blank $21$

$567$

fill in the blank $22$

$235$

fill in the blank $23$

$133,282$

No$.105$ fill in the blank $24$

$190$

$21,41018,000$ fill in the blank $25$

$28,800$

fill in the blank $26$

$68,210$

fill in the blank $27$

$567$

fill in the blank $28$

$158$

fill in the blank $29$

$89,620$

No$.106$ fill in the blank $30$

$140$

$8,3604,000$ fill in the blank $31$

$6,400$

fill in the blank $32$

$18,760$

fill in the blank $33$

$0$

fill in the blank $34$

$0$

Total fill in the blank $35$

$1,390$

$$22,100$ $$134,700$ $$97,000$ $fill in the blank $36$

$155,200$

$fill in the blank $37$

$409,000$

$fill in the blank $38$

$411,494$

a$.$ Materials Requisitions $fill in the blank $39$

$23,400$

b$.$ Work in Process Beginning Balance $fill in the blank $40$

$22,100$

c$.$ Direct Materials $fill in the blank $41$

$134,700$

d$.$ Direct Labor $fill in the blank $42$

$97,000$

e$.$ Factory overhead applied $fill in the blank $43$

$212,200$

f$.$ Completed jobs $fill in the blank $44$

$408,000$

g$.$ Cost of goods sold $fill in the blank $45$

$296,181$

h$.$ Indirect labor $fill in the blank $46$

$16,800$

$2.$ Determine the May $31$ balances for each of the inventory accounts and factory overhead. Use the minus sign to indicate any credit balances.

Materials $fill in the blank $47$

$134,700$

Work in Process $fill in the blank $48$

$409,000$

Finished Goods $fill in the blank $49$

$408,000$

Factory Overhead $fill in the blank $50$

$289,800$

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