Materials May 1 Balance 105,600 500,000 May 31 Requisitions (a) 31 Purchases Work in Process May 1 Balance (b) (c) (d) May 31 Completed jobs (f) 31 Materials 31 Direct labor 31 Factory overhead applied (e) Finished Goods May 1 31 Completed jobs May 31 (f) Balance Cost of goods sold (g) Wages Payable Wages incurred May 31 396,000 Factory Overhead May 1 Balance 26,400 (h) 15,400 May 31 Factory overhead applied (e) 31 Indirect labor 31 Indirect materials 31 Other overhead 122,500 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 $ 82,500 $ 59,400 101 AF1 330 102 AFЗ 105,400 380 72,600 110,000 103 AF2 500 132,000 104 VY1 400 66,000 39,600 66,000 105 VY2 660 118,800 AF4 66,000 $570,700 30,800 106 330 Total $378,400 2,600 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, May 1 Job No. Style $26,400 101 AF1 АҒЗ 102 46,000 Total $72,400 d. Customer jobs completed and units sold in May were as follows: Completed in May Units Sold in May Job No. Style 264 101 AF1 102 АҒЗ х 360 103 AF2 104 VY1 384 105 VY2 х 530 106 AF4 Instructions 1. Determine the missing amounts associated with each letter. Provide supporting calcula- tions by completing a table with the following headings: May 1 Work in Cost of Goods Sold Job No. Direct Materials Direct Labor Factory Overhead Total Cost Unit Cost Units Sold Quantity Process 2. Determine the May 31 balances for each of the inventory accounts and factory overhead.
Materials May 1 Balance 105,600 500,000 May 31 Requisitions (a) 31 Purchases Work in Process May 1 Balance (b) (c) (d) May 31 Completed jobs (f) 31 Materials 31 Direct labor 31 Factory overhead applied (e) Finished Goods May 1 31 Completed jobs May 31 (f) Balance Cost of goods sold (g) Wages Payable Wages incurred May 31 396,000 Factory Overhead May 1 Balance 26,400 (h) 15,400 May 31 Factory overhead applied (e) 31 Indirect labor 31 Indirect materials 31 Other overhead 122,500 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 $ 82,500 $ 59,400 101 AF1 330 102 AFЗ 105,400 380 72,600 110,000 103 AF2 500 132,000 104 VY1 400 66,000 39,600 66,000 105 VY2 660 118,800 AF4 66,000 $570,700 30,800 106 330 Total $378,400 2,600 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, May 1 Job No. Style $26,400 101 AF1 АҒЗ 102 46,000 Total $72,400 d. Customer jobs completed and units sold in May were as follows: Completed in May Units Sold in May Job No. Style 264 101 AF1 102 АҒЗ х 360 103 AF2 104 VY1 384 105 VY2 х 530 106 AF4 Instructions 1. Determine the missing amounts associated with each letter. Provide supporting calcula- tions by completing a table with the following headings: May 1 Work in Cost of Goods Sold Job No. Direct Materials Direct Labor Factory Overhead Total Cost Unit Cost Units Sold Quantity Process 2. Determine the May 31 balances for each of the inventory accounts and factory overhead.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Clapton Company manufactures custom guitars in a wide variety of styles. The following incomplete ledger accounts refer to transactions that are summarized for May:
Attachment
Transcribed Image Text:Materials
May 1
Balance
105,600
500,000
May 31
Requisitions
(a)
31
Purchases
Work in Process
May 1
Balance
(b)
(c)
(d)
May 31
Completed jobs
(f)
31 Materials
31
Direct labor
31
Factory overhead applied
(e)
Finished Goods
May 1
31 Completed jobs
May 31
(f)
Balance
Cost of goods sold
(g)
Wages Payable
Wages incurred
May 31
396,000
Factory Overhead
May 1
Balance
26,400
(h)
15,400
May 31
Factory overhead applied
(e)
31 Indirect labor
31
Indirect materials
31 Other overhead
122,500
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
$ 82,500
$ 59,400
101
AF1
330
102
AFЗ
105,400
380
72,600
110,000
103
AF2
500
132,000
104
VY1
400
66,000
39,600
66,000
105
VY2
660
118,800
AF4
66,000
$570,700
30,800
106
330
Total
$378,400
2,600
Transcribed Image Text: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,
May 1
Job No.
Style
$26,400
101
AF1
АҒЗ
102
46,000
Total
$72,400
d. Customer jobs completed and units sold in May were as follows:
Completed
in May
Units Sold
in May
Job No.
Style
264
101
AF1
102
АҒЗ
х
360
103
AF2
104
VY1
384
105
VY2
х
530
106
AF4
Instructions
1. Determine the missing amounts associated with each letter. Provide supporting calcula-
tions by completing a table with the following headings:
May 1
Work in
Cost of
Goods
Sold
Job
No.
Direct
Materials
Direct
Labor
Factory
Overhead
Total
Cost
Unit
Cost
Units
Sold
Quantity
Process
2. Determine the May 31 balances for each of the inventory accounts and factory overhead.
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