Question

Analyzing Manufacturing Cost Accounts
Summer Boards Company manufactures surf boards in a wide variety of sizes and styles. The following incomplete ledger accounts refer to transactions that are summarized for May:
Materials
May 1 Balance 35,900

31 Purchases 144,200

31 Requisitions (A)

Work in Process
May 1 Balance (B)

31 Materials (C)

31 Direct labor (D)

31 Factory overhead applied (E)

31 Completed jobs (F)

Finished Goods
May 1 Balance 0 31 Completed jobs (F)

31 Cost of goods sold (G)

Wages Payable
May 31 Wages incurred 126,300

Factory Overhead
May 1 Balance 22,300 31 Indirect labor (H)

31 Indirect materials 19,200

31 Other overhead 77,600

31 Factory overhead applied (E)
In addition, the following information is available:
a. Materials and direct labor cost were applied to six jobs in May:
Job No. Style Quantity Direct Materials Direct Labor
No. 0521 SX 220 $24,860 $17,000

No. 0522 SJ 390 38,020 26,000

No. 0523 SK 180 14,700 7,000

No. 0524 T3 320 45,600 31,000

No. 0525 T6 180 22,920 17,000

No. 0526 SX 100 7,300 3,000

Total 1,390 $153,400 $101,000
b. Factory overhead is applied to each job at a rate of 140% 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 0521 SX $6,500

Job 0522 SJ 15,800

Total $22,300
d. Customer jobs completed and units sold in May were as follows:
Job No. Style Completed in May Units Sold in May
No. 0521 SX X 176

No. 0522 SJ X 312

No. 0523 SK 0

No. 0524 T3 X 269

No. 0525 T6 X 149

No. 0526 SX 0
1. Determine the missing amounts associated with each letter and complete the following table. If required, round amounts to the nearest cent. If an amount is zero, enter in "0". Enter all amounts as positive numbers.
Job Anang Maturing Account Summer Boards Company m a ture surfboards in a writy of and styles. The following incomplete ledger ac

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Answer #1

1.

Job No. Quantity May 1 Work in Process Direct Material Direct labor Factory Overhead Total Cost per unit Units sold Cost of Goods Sold
521 220 $            6,500 $         24,860 $       17,000 $   23,800 $       72,160 328 176 $          57,728
522 390 $         15,800 $         38,020 $       26,000 $   36,400 $    116,220 298 312 $          92,976
523 180 $         14,700 $         7,000 $      9,800 $       31,500
524 320 $         45,600 $       31,000 $   43,400 $    120,000 375 269 $      1,00,875
525 180 $         22,920 $       17,000 $   23,800 $       63,720 354 149 $          52,746
526 100 $            7,300 $         3,000 $      4,200 $       14,500
Totals $         22,300 $       153,400 $     101,000 $ 141,400 $    418,100 $      3,04,325


B. Work in Process = $22300A. Material Requisitions = $153400+19200 = $172600

C. Direct Material = $153400

D. Direct labor = $101000

E. Overhead applied = $141400

F. Completed Jobs = $72160+116220+120000+63720 = $372100

G. Cost of Goods Sold = 176 x $328 + 312 x $298 + 269 x $375 + 149 x $354 = $304325

H. Indirect Labor = $126300 - 101000 = $25300

2. Ending Balances
Raw Material = $35900+144200-153400 = $26700
Work in Process = $31500+14500 = $46000
Finished Goods = $372100-304325 = $67775
Factory Overhead = $22300+19200+25300+77600-141400 = $3000

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