FINANCIAL+MANG.-W/ACCESS PRACTICE SET
13th Edition
ISBN: 9781337575614
Author: WARREN
Publisher: CENGAGE L
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Textbook Question
Chapter 17, Problem 17.4BPR
Analyzing
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:
| Job No. | Style | Quantity | Direct Materials | Direct Labor |
| 101 | AF1 | 330 | $ 82,500 | $ 59,400 |
| 102 | AF3 | 380 | 105,400 | 72,600 |
| 103 | AF2 | 500 | 132,000 | 110,000 |
| 104 | VY1 | 400 | 66,000 | 39,600 |
| 105 | VY2 | 660 | 118,800 | 66,000 |
| 106 | AF4 | 330 | 66,000 | 30,800 |
| Total | 2,600 | $570,700 | $378,400 |
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:
| Job No. | Style | Work in Process, May 1 |
| 101 | AF1 | $26,400 |
| 102 | AF3 | 46,000 |
| Total | $72,400 |
D. Customer jobs completed and units sold in May were as follows
| Job No. | Style | Completed in May | Units Soldin May |
| 101 | AF1 | X | 264 |
| 102 | AF3 | X | 360 |
| 103 | AF2 | 0 | |
| 104 | VY1 | X | 384 |
| 105 | VY2 | X | 530 |
| 106 | AF4 | 0 |
Instructions
1. Determine the missing amounts associated with each letter. Provide supporting calculations by completing a table with the following headings:
| JobNo. | Quantity | May 1 Work in Process | Direct Materials | Direct Labor | Factory Overhead | Total Cost | Unit Cost | Units Sold | Cost of Goods Sold |
2. Determine the May 31 balances for each of the inventory accounts and factory overhead.
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Analyzing manugacturing cost accounts
Claptom Company manufactures custom guitars in a wide varity 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 the following jobs in May:
Job No.
Style
Quantity
Direct materials
Direct Labor
101
AF1
330
$82500
59400
102
AF3
380
105400
72600
103
AF2
500
132000
110000
104
VY1
400
66000
39600
105
VY2
660
118800
66000
106
AF4
330
66000
30800
TOTAL
2600
570700
$378400
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
Job No.
Style
Work in process May 1
101
AF1
$26,400
102
AF3
46,400
Total
$72,400
d) Customer jobs completed and units sold in May were as follows:
Job No.
Style
Completed in May
Units Sold in May
101
AF1
X
264
102
AF3
X
360
103
AF2
0…
Analyzing Manufacturing Cost Accounts
Clapton Company manufactures custom guitars in a wide variety of styles. The following incomplete ledger accounts refer to transactions that are summarized for May:
Materials
May 1
Balance
28,600
May 31
Requisitions
(a)
31
Purchases
114,800
Work in Process
May 1
Balance
(b)
31
Completed jobs
(f)
31
Materials
(c)
31
Direct labor
(d)
31
Factory overhead applied
(e)
Finished Goods
May 1
Balance
0
May 31
Cost of goods sold
(g)
31
Completed jobs
(f)
Wages Payable
May 31
Wages incurred
118,800
Factory Overhead
May 1
Balance
21,700
May 31
Factory overhead applied
(e)
31
Indirect labor
(h)
31
Indirect materials
15,300
31
Other overhead
104,700
In addition, the following information is available:
Materials and direct labor were applied to the following jobs in May:
Job No.
Style
Quantity
Direct Materials
Direct Labor…
Analyzing Manufacturing Cost Accounts
Clapton Company manufactures custom guitars in a wide variety of styles. The following incomplete ledger accounts refer to transactions that are summarized for May:
Materials
May 1
Balance
34,900
May 31
Requisitions
(a)
31
Purchases
140,400
Work in Process
May 1
Balance
(b)
31
Completed jobs
(f)
31
Materials
(c)
31
Direct labor
(d)
31
Factory overhead applied
(e)
Finished Goods
May 1
Balance
0
May 31
Cost of goods sold
(g)
31
Completed jobs
(f)
Wages Payable
May 31
Wages incurred
111,300
Factory Overhead
May 1
Balance
20,300
May 31
Factory overhead applied
(e)
31
Indirect labor
(h)
31
Indirect materials
18,700
31
Other overhead
56,600
In addition, the following information is available:
Materials and direct labor were applied to the following jobs in May:
Job No.
Style
Quantity
Direct Materials
Direct Labor
101…
Chapter 17 Solutions
FINANCIAL+MANG.-W/ACCESS PRACTICE SET
Ch. 17 - Prob. 1DQCh. 17 - What kind of firm would use a job order cost...Ch. 17 - Which account is used in the job order cost system...Ch. 17 - Prob. 4DQCh. 17 - What is a job cost sheet?Ch. 17 - Prob. 6DQCh. 17 - Discuss how the predetermined factory overhead...Ch. 17 - A. How is a predetermined factory overhead rate...Ch. 17 - Prob. 9DQCh. 17 - Describe how a job order cost .system can be used...
Ch. 17 - Issuance of materials On April 6, Almerinda...Ch. 17 - Prob. 17.1BPECh. 17 - Direct labor costs During April, Almerinda Company...Ch. 17 - Direct labor costs During August, Rothchild...Ch. 17 - Factory overhead costs During April, Almerinda...Ch. 17 - Prob. 17.3BPECh. 17 - Applying factory overhead Almerinda Company...Ch. 17 - Prob. 17.4BPECh. 17 - Job costs At the end of April, Almerinda Company...Ch. 17 - Job costs At the end of August, Rothchild Company...Ch. 17 - Prob. 17.6APECh. 17 - Prob. 17.6BPECh. 17 - Transactions in a job order cost system Five...Ch. 17 - Cost flow relationships The following information...Ch. 17 - Cost of materials issuances under the FIFO method...Ch. 17 - Entry for issuing materials Materials issued for...Ch. 17 - Entries for materials Eclectic Ergonomics Company...Ch. 17 - Prob. 17.6EXCh. 17 - Entry for factory labor costs The weekly time...Ch. 17 - Prob. 17.8EXCh. 17 - Factory overhead rates, entries, and account...Ch. 17 - Predetermined factory overhead rate Spring Street...Ch. 17 - Predetermined factory overhead rate Poehling...Ch. 17 - Entry for jobs completed; cost of unfinished jobs...Ch. 17 - Entries for factory costs and jobs completed Old...Ch. 17 - Financial statements of a manufacturing firm The...Ch. 17 - Decision making with job order costs Alvarez...Ch. 17 - Prob. 17.16EXCh. 17 - Job order cost accounting for a service company...Ch. 17 - Job order cost accounting for a service company...Ch. 17 - Entries for costs in a job order cost system...Ch. 17 - Prob. 17.2APRCh. 17 - Job order cost sheet Remnant Carpet Company sells...Ch. 17 - Analyzing manufacturing cost accounts Fire Rock...Ch. 17 - Flow of costs and income statement Ginocera Inc....Ch. 17 - Entries for costs in a job order cost system Royal...Ch. 17 - Entries and schedules for unfinished jobs and...Ch. 17 - Job order cost sheet Stretch and Trim Carpet...Ch. 17 - Analyzing manufacturing cost accounts Clapton...Ch. 17 - Prob. 17.5BPRCh. 17 - Managerial analysis The controller of the plant of...Ch. 17 - Job order decision making and rate deficiencies...Ch. 17 - Factory overhead rate Salvo Inc., a specialized...Ch. 17 - Recording manufacturing costs Todd Lay just began...Ch. 17 - Prob. 17.5CP
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