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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 105,600 May 31 Requisitions May 31 Purchases 500,000 Work in Process (B) May 31 Completed jobs May 1 May 31 May 31 May 31 Balance Materials Direct labor Factory overhead applied C@ Finished Goods O May 31 Cost of goods sold May 1 May 31 Balance Completed jobs (F) Wages Payable May 31 Wages incurred 396,000 Factory Overhead May 1 Balance 26,400 May 31 Factory overhead applied May 31 Indirect labor (H) May 31 Indirect materials 15,400 May 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. Style Quantity Direct Materials Direct Labor 101 AF1 330 $ 82,500 $ 59,400 102 AF3 380 105,400 72,600 103 AF2 132,000 110,000 500 400 104 VY1 39,600 66,000 118,800 VY2 660 66,000 105 106 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 $26,400 Job 101 Job 102 AF1 AF3 46,000 Total $72,400 Cost of Goods Sold 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 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 CLI... W A LIMIA

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