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 28,600 May 31 Requisitions (a) 31 Purchases 114,800       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 118,800             Factory Overhead May 1 Balance 21,700 May 31 Factory overhead applied (e) 31 Indirect labor (h)       31 Indirect materials 15,300       31 Other overhead 104,700         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   AF1 190     $18,540       $14,000     102   AF3 410     32,190       26,000     103   AF2 180     11,880       7,000     104   VY1 290     33,150       28,000     105   VY2 160     16,620       15,000     106   AF4 150     9,750       5,000         Total 1,380     $122,130       $95,000     Factory overhead is applied to each job at a rate of 170% 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 AF1 $5,600       102 AF3 16,100       Total   $21,700       Customer jobs completed and units sold in May were as follows: Job No. Style Completed in May Units Sold in May 101 AF1 X 152   102 AF3 X 328   103 AF2   0   104 VY1 X 244   105 VY2 X 133   106 AF4   0   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   $ 5,600   $ 18,540   $ 14,000   $   $   $       $   No. 102   16,100   32,190   26,000                       No. 103       11,880   7,000                       No. 104       33,150   28,000                       No. 105       16,620   15,000                       No. 106       9,750   5,000                       Total   $21,700   $122,130   $95,000   $   $           $     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 May 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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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 28,600 May 31 Requisitions (a)
31 Purchases 114,800      



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 118,800
           



Factory Overhead
May 1 Balance 21,700 May 31 Factory overhead applied (e)
31 Indirect labor (h)      
31 Indirect materials 15,300      
31 Other overhead 104,700      

 

In addition, the following information is available:

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

    Job No.   Style Quantity Direct Materials Direct Labor
    101   AF1 190     $18,540       $14,000    
    102   AF3 410     32,190       26,000    
    103   AF2 180     11,880       7,000    
    104   VY1 290     33,150       28,000    
    105   VY2 160     16,620       15,000    
    106   AF4 150     9,750       5,000    
        Total 1,380     $122,130       $95,000    
  2. Factory overhead is applied to each job at a rate of 170% of direct labor cost.
  3. The May 1 Work in Process balance consisted of two jobs, as follows:

    Job No. Style Work in Process,
    May 1
    101 AF1 $5,600      
    102 AF3 16,100      
    Total   $21,700      
  4. Customer jobs completed and units sold in May were as follows:

    Job No. Style Completed in
    May
    Units Sold
    in May
    101 AF1 X 152  
    102 AF3 X 328  
    103 AF2   0  
    104 VY1 X 244  
    105 VY2 X 133  
    106 AF4   0  

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   $ 5,600   $ 18,540   $ 14,000   $   $   $       $  
No. 102   16,100   32,190   26,000                      
No. 103       11,880   7,000                      
No. 104       33,150   28,000                      
No. 105       16,620   15,000                      
No. 106       9,750   5,000                      
Total   $21,700   $122,130   $95,000   $   $           $  

 

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 May 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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