Clapton Company manufactures custom guitars in a wide variety of 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 50% 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:

Instructions
1. 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 factoryover-head.

Transcribed Image Text:

Materials May 1 Balance 105,600May 31 Requisitions 500,000 31 Purchases Work in Process May 1 Balance (B) May 31 Completed jobs F) 31 Materials 31 Direct labor 31 Factory overhead applied D) Finished Goods May Balance 0 May 31 Cost of goods sold 31 Completed jobs Wages Payable May 31 Wages incurred 396,000 Factory Overhead 26,400 May 31 Factory overhead applied 15,400 May Balance 31 Indirect labor 31 Indirect materials 31 Other overhead H) 122,500 Job No. Style AF1 AF3 AF2 Direct Materials Direct Labor 82,500 59400 72,600 110,000 39,600 66,000 30,800 570,700 $378,400 380 105,400 132,000 66,000 118,800 06,000 104 106 AF4 Total 330 2,600 Work in Process, Job No. StyleMay1 Job 101 AF1 Job 102 AF3 Total 26,400 Completed Units Sold Job No, Style in May inMay 101 102 103 104 105 106 264 AF1 AF3 AF2 VY1 384 AF4 May 1 Work in Dirt Direct Factory Cost of Job No. Quantity Process Materials Labor Overhead Cost Unit Cost Uits Goods Sold Sold