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Category > Management Posted 08 Jul 2017 My Price 13.00

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	(A)
	31	Purchases	500,000

Work in Process

May	1	Balance	(B)	May	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

Factory Overhead

May	1	Balance	26,400	May	31	Factory overhead applied	(E)
	31	Indirect labor	(H)
	31	Indirect materials	15,400
	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	500	132,000	110,000
104	VY1	400	66,000	39,600
105	VY2	660	118,800	66,000
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:

Job no. Style

Work in Process, May 1

Job 101 AF1 $26,400

Job 102 AF3 46,000

Total $72,400

d. Customer jobs completed and units sold in May were as follows:

Job no.	Style	Completedin May	Units Sold in May
101	AF1	X	264
102	AF3	X	360
103	AF2		0
104	VY1	X	384
105	VY2	X	530
106	AF4		0

Instructions

1. Determine the missing amounts associated with each letter. Provide supporting calcu lations by completing a table with the following headings:

	May 1					Cost of
Job	Work in	Direct Direct Factory	Total	Unit	Units	Goods
no.	Quantity Process	Materials Labor Overhead	Cost	Cost	Sold	Sold

2. Determine the May 31 balances for each of the inventory accounts and factory over head.

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Status NEW Posted 08 Jul 2017 09:07 AM My Price 13.00

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Analyzing manufacturing cost accounts

Analyzing manufacturing cost accounts

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