Jagger and Richards Company manufactures custom guitars in a wide variety of styles. The following incomplete ledger accounts refer to transactions that are summarized for October:

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

b. Factory overhead is applied to each job at a rate of 60% of direct labor cost.
c. The October Work in Process balance consisted of two jobs, as follows:

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

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

2. Determine the October 31 balances for each of the inventory accounts and factory overhead.

Transcribed Image Text:

Materials 48,000 Oct. 31 225,000 Oct. Balance Requisitions (A) 31 Purchases Work in Process (B) Oct. 31 1 Balance Oct. Completed jobs (F) 31 Materials (C) 31 Direct labor (D) 31 Factory overhead applied (E) Finished Goods Oct. 31 Completed jobs Oct. 31 Balance Cost of goods sold (G) (F) Wages Payable Oct. 31 Wages incurred 180,000 Factory Overhead Oct. 31 1 Balance Oc. 12,000 Factory overhead applied 31 Indirect labor (H) 31 Indirect materials 7,000 31 Other overhead 77,500 Quantity Direct Materials Direct Labor $ 27,000 33,000 50,000 18,000 30,000 14,000 Job No. Style X-1 X-3 X-2 S-1 150 175 225 175 101 $ 37,500 48,000 60,000 102 103 104 105 106 30,000 S-2 X-4 Total 300 150 1,175 54,000 30,000 $259,500 $172,000