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Analyzing Manufacturing Cost Accounts

Fire Rock Company manufactures designer paddle boards in a wide variety of sizes and styles. The following incomplete ledger accounts refer to transactions that are summarized for June:

Materials
June 1	Balance	82,500	June 30	Requisitions	(A)
June 30	Purchases	330,000

Work in Process
June 1	Balance	(B)	June 31	Completed jobs	(F)
June 30	Materials	(C)
June 30	Direct labor	(D)
June 30	Factory overhead applied	(E)

Finished Goods
June 1	Balance	0	June 30	Cost of goods sold	(G)
June 30	Completed jobs	(F)

Wages Payable
			June 30	Wages incurred	330,000

Factory Overhead
June 1	Balance	33,000	June 30	Factory overhead applied	(E)
June 30	Indirect labor	(H)
June 30	Indirect materials	44,000
June 30	Other overhead	237,500

In addition, the following information is available:

Materials and direct labor were applied to six jobs in June:

Job No.		Style	Quantity		Direct Materials				Direct Labor
201		T100	550			$55,000				$41,250
202		T200	1,100			93,500				71,500
203		T400	550			38,500				22,000
204		S200	660			82,500				69,300
205		T300	480			60,000				48,000
206		S100	380			22,000				12,400
		Total	3,720			$351,500				$264,450

Factory overhead is applied to each job at a rate of 140% of direct labor cost.

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

Job No.	Style	Work in Process, june 1
Job 201	T100	$16,500
Job 202	T200	44,000
Total		$60,500

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

Job No.	Style	Completed in june	Units Sold in june
201	T100	X	440
202	T200	X	880
203	T400		0
204	S200	X	570
205	T300	X	420
206	S100		0

Required:

1. Determine the missing amounts associated with each letter by completing the table below. If an answer is zero, enter in "0". Enter all amounts as positive numbers.

Job No.	Quan- tity		June 1 Work in Process		Direct Materials		Direct Labor		Factory Overhead		Total Cost		Unit Cost		Units Sold		Cost of Goods Sold
No. 201	550		$		$55,000		$41,250		$		$		$				$
No. 202	1,100				93,500		71,500
No. 203	550				38,500		22,000
No. 204	660				82,500		69,300
No. 205	480				60,000		48,000
No. 206	380				22,000		12,400
Total	3,720		$		$351,500		$264,450		$		$						$

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 June 30 balances for each of the inventory accounts and factory overhead.

Materials	$
Work in Process	$
Finished Goods	$
Factory Overhead	$

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