Long Board Company Manufactures designer paddle boards in a wide variety of sizes and styles. The following incomplete ledger accounts refer to transactions that are summarized for May:

In addition, the following information is available:a. Materials and direct labor were applied to six jobs in May:

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:

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

Instructions1. Determine the missing amounts associated with each letter. Provide supporting calculations by completing a table with the following headings:2. Determine the May 31 balances for each of the inventory accounts and factory overhead.

Transcribed Image Text:

Materials 1 Balance May 31 May 37500 Requisitions IAI 31 Purchases 150,000 Work in Process 1 Balance May (BI May 31 Completed jobs IFI 31 Materials (C) 31 Direct labor (D) Factory overhead applied 31 Finished Goods May 1 Balance 31 Completed jobs May 31 Cost of goods sold (GI (F) Wages Payable May 31 Wages incurred 150,000 Factory Overhead May 1 Balance Factory overhead applied 15.000 May 31 (EI 31 Indirect labor (H) 31 Indirect materials 20,000 31 Other overhead 120,000