accounts refer to transactions that are summarized for May: Materials May 1 Balance 33,700 May 31 Requisitions (a) 31 Purchases 135,500 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
Analyzing
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 | 33,700 | May 31 | Requisitions | (a) |
| 31 | Purchases | 135,500 |
| Work in Process | |||||
|---|---|---|---|---|---|
| May 1 | Balance | (b) | 31 | Completed jobs | (f) |
| 31 | Materials | (c) | |||
| 31 | Direct labor | (d) | |||
| 31 | Factory |
(e) |
| Finished Goods | |||||
|---|---|---|---|---|---|
| May 1 | Balance | 0 | May 31 | Cost of goods sold | (g) |
| 31 | Completed jobs | (f) |
| Wages Payable | |||||
|---|---|---|---|---|---|
| May 31 | Wages incurred | 126,300 | |||
Factory Overhead
May 1 Balance 22,800 May 31 Factory overhead applied (e)
31 Indirect labor (h)
31 Indirect materials 18,000
31 Other overhead 88,800
In addition, the following information is available:
a. Materials and direct labor were applied to the following jobs in May:
Job No. Style Quantity Direct Materials Direct Labor
101 AF1 220 $25,100 $16,000
102 AF3 420 36,640 27,000
103 AF2 170 11,740 7,000
104 VY1 290 39,550 30,000
105 VY2 170 20,520 16,000
106 AF4 150 10,600 5,000
Total 1,420 $144,150 $101,000
b. Factory overhead is applied to each job at a rate of 150% of direct labor cost.
c. The May 1 Work in Process balance consisted of two jobs, as follows:
Job No. Style Work in Process, May 1
101 AF1 $6,400
102 AF3 16,400
Total $22,800
d. Customer jobs completed and units sold in May were as follows:
Job No. Style Completed in May Units Sold in May
101 AF1 X 176
102 AF3 X 336
103 AF2 0
104 VY1 X 244
105 VY2 X 141
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.
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
