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:

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 120% 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:

Instruction
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 factoryoverhead.

Transcribed Image Text:

Materials Balance Purchases Requisitions Work in Proces Balance Materials Direct labor Factory overhead applied Completed jobs May 9,000 40,000 31 31 31 31 Finished Goods Balance Completed jobs Cost of goods sold Wages Payable Wages incurred Factory Overhead Balance Indirect labor Indirect materials Other overhead Factory overhead applied May 31 31 110,000 -3,000 2,500 102,900 31 Job No. No. 0521 No. 0522 No. 0523 No. 0524 No. 0525 No. 0526 Style Quantity 100 200 100 125 90 70 685 Direct Materials Direct Labor SX 5,000 8,500 3,500 7,500 5,600 2,000 $15,000 26,000 8,000 25,000 17,500 4,500 $96,000 SK T6 2 SX $32,100 Job No.Style Job 0521 Job 0522 Total Work in Process, May 1 $1,500 4,000 $5,500 SX SJ Job No. No. 0521 No. 0522 No. 0523 No. 0524 No. 0525 No. 0526 Style SX SJ SK T3 T6 SX Completed in May Units Sold in May 80 160 105 75 0 May 1 Work in c Cost of Unit Units Goods No. Quantity Process Materials Labor Overhead Cost Cost Sold Sold Job Factory T