Analyzing Manufacturing Cost Accounts

Fire Rock 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 June:

Materials

Transaction Debit amount Transaction Credit amount

June 1$1$ Balance 82,500$82,500$ June 30$30$ Requisitions ($($A)$)$

June 30$30$ Purchases 330,000$330,000$

Work in Process

Transaction Debit amount Transaction Credit amount

June 1$1$ Balance ($($B)$)$ June 30$30$ Completed jobs ($($F)$)$

June 30$30$ Materials ($($C)$)$

June 30$30$ Direct labor ($($D)$)$

June 30$30$ Factory overhead applied ($($E)$)$

Finished Goods

Transaction Debit amount Transaction Credit amount

June 1$1$ Balance 0$0$ June 30$30$ Cost of goods sold ($($G)$)$

June 30$30$ Completed jobs ($($F)$)$

Wages Payable

Transaction Debit amount Transaction Credit amount

June 30$30$ Wages incurred 330,000$330,000$

Factory Overhead

Transaction Debit amount Transaction Credit amount

June 1$1$ Balance 33,000$33,000$ June 30$30$ Factory overhead applied ($($E)$)$

June 30$30$ Indirect labor ($($H)$)$

June 30$30$ Indirect materials 44,000$44,000$

June 30$30$ Other overhead 237,500$237,500$

In addition, the following information is available:

Materials and direct labor were applied to six jobs in June:

Job No.$.$ Style Quantity Direct Materials Direct Labor

201$201$ T100550$100550$ $55,000$55,000$ $41,250$41,250$

202$202$ T2001,10093,50071,500$2001,10093,50071,500$

203$203$ T40055038,50022,000$40055038,50022,000$

204$204$ S20066082,50069,300$20066082,50069,300$

205$205$ T30048060,00048,000$30048060,00048,000$

206$206$ S10038022,00012,400$10038022,00012,400$

Total 3,720$3,720$ $351,500$351,500$ $264,450$264,450$

Factory overhead is applied to each job at a rate of 140%$140\%$ of direct labor cost.

The June 1$1$ Work in Process balance consisted of two jobs, as follows:

Job No.$.$ Style Work in Process,

June 1$1$

201$201$ T100$100$ $16,500$16,500$

202$202$ T20044,000$20044,000$

Total $60,500$60,500$

Customer jobs completed and units sold in June were as follows:

Job No.$.$ Style Completed

in June Units Sold

in June

201$201$ T100$100$ X 440$440$

202$202$ T200$200$ X 880$880$

203$203$ T4000$4000$

204$204$ S200$200$ X 570$570$

205$205$ T300$300$ X 420$420$

206$206$ S1000$1000$

Required:

1.$1.$ Determine the missing amounts associated with each letter by completing the table below. If an answer is zero, enter in "0".$"0".$ Enter all amounts as positive numbers.

Job No.$.$ Quantity June 1$1$

Work in

Process Direct Materials Direct Labor Factory Overhead Total Cost Unit Cost Units Sold Cost of Goods Sold

No.201550$.201550$ $fill in the blank 1$1$

$55,000$55,000$ $41,250$41,250$ $fill in the blank 2$2$

$fill in the blank 3$3$

$fill in the blank 4$4$

fill in the blank 5$5$

$fill in the blank 6$6$

No.2021,100$.2021,100$ fill in the blank 7$7$

93,50071,500$93,50071,500$ fill in the blank 8$8$

fill in the blank 9$9$

fill in the blank 10$10$

fill in the blank 11$11$

fill in the blank 12$12$

No.20355038,50022,000$.20355038,50022,000$ fill in the blank 13$13$

fill in the blank 14$14$

fill in the blank 15$15$

fill in the blank 16$16$

No.20466082,50069,300$.20466082,50069,300$ fill in the blank 17$17$

fill in the blank 18$18$

fill in the blank 19$19$

fill in the blank 20$20$

fill in the blank 21$21$

No.20548060,00048,000$.20548060,00048,000$ fill in the blank 22$22$

fill in the blank 23$23$

fill in the blank 24$24$

fill in the blank 25$25$

fill in the blank 26$26$

No.20638022,00012,400$.20638022,00012,400$ fill in the blank 27$27$

fill in the blank 28$28$

fill in the blank 29$29$

fill in the blank 30$30$

Total 3,720$3,720$ $fill in the blank 31$31$

$351,500$351,500$ $264,450$264,450$ $fill in the blank 32$32$

$fill in the blank 33$33$

$fill in the blank 34$34$

Line Item Description Amount

A.$.$ Materials Requisitions $fill in the blank 35$35$

B.$.$ Work in Process Beginning Balance $fill in the blank 36$36$

C.$.$ Direct Materials $fill in the blank 37$37$

D.$.$ Direct Labor $fill in the blank 38$38$

E.$.$ Factory overhead applied $fill in the blank 39$39$

F.$.$ Completed jobs $fill in the blank 40$40$

G.$.$ Cost of goods sold $fill in the blank 41$41$

H.$.$ Indirect labor $fill in the blank 42$42$

2.$2.$ Determine the June 30$30$ balances for each of the inventory accounts and factory overhead.

Inventory Accounts Amount

Materials $fill in the blank 43$43$

Work in Process $fill in the blank 44$44$

Finished Goods $fill in the blank 45$45$

Factory Overhead $fill in the blank 46$46$

Answer rating: 100% (QA)

ANSWER Missing Amounts Associated with Each Letter Job No Quantity June 11 Work in Proces... View the full answer