Analyzing Manufacturing Cost AccountsClapton Company manufactures custom guitars in a wide variety of styles. The following incomplete ledger accounts refer to transactions that are summarized for May:MaterialsMay 1Balance33,700May 31Requisitions(a)31Purchases135,500 Work in ProcessMay 1Balance(b)31Completed jobs(f)31Materials(c) 31Direct labor(d) 31Factory overhead applied(e) Finished GoodsMay 1Balance0May 31Cost of goods sold(g)31Completed jobs(f) Wages Payable May 31Wages incurred126,300 Factory OverheadMay 1 Balance 22,800 May 31 Factory overhead applied (e)31 Indirect labor (h) 31 Indirect materials 18,000 31 Other overhead 88,800 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 Labor101 AF1 220 $25,100 $16,000 102 AF3 420 36,640 27,000 103 AF2 170 11,740 7,000 104 VY1 290 39,550 30,000 105 VY2 170 20,520 16,000 106 AF4 150 10,600 5,000 Total 1,420 $144,150 $101,000 b. Factory overhead is applied to each job at a rate of 150% 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 1101 AF1 $6,400 102 AF3 16,400 Total $22,800 d. Customer jobs completed and units sold in May were as follows:Job No. Style Completed in May Units Sold in May101 AF1 X 176 102 AF3 X 336 103 AF2 0 104 VY1 X 244 105 VY2 X 141 106 AF4 0 Required:1. Determine the missing amounts associated with each letter and complete the following table. If required, round amounts to the nearest dollar. If an answer is zero, enter in "0". Enter all amounts as positive numbers. Required:1. Determine the missing amounts associated with each letter and complete the following table. If required, round amounts to the nearest dollar. If an answer is zero, enter in "0". Enter all amounts as positive numbers.May 1Cost of Goods SoldWork inDirectDirectFactoryOverheadTotal CostUnit CostUnits SoldJob No.QuantityProcessMaterialsLabor$4No. 101$ 6,400$ 25,100$ 16,000No. 10216,40036,64027,00011,7407,000No. 10339,55030,000No. 10420,52016,000No. 10510,6005,000No. 106$22,800$144,150$101,000%$4Totala. Materials Requisitions $b. Work in Process Beginning Balance $c. Direct Materials $d. Direct Labor $e. Factory overhead appliedf. Completed jobs $g. Cost of goods sold $h. Indirect labor2. Determine the May 31 balances for each of the inventory accounts and factory overhead. Use the minus sign to indicate any credit balances.MaterialsWork in ProcessFinished Goods b. Work in Process Beginning Balancec. Direct Materials $d. Direct Labor $e. Factory overhead applied $f. Completed jobs Sg. Cost of goods sold $h. Indirect labor S2. Determine the May 3i balances for each of the inventory accounts and factory overhead. Use the minus sign to indicate any credit balances.MaterialsWork in ProcessFinished GoodsFactory Overhead%24%24%24

Question

Analyzing Manufacturing Cost AccountsClapton Company manufactures custom guitars in a wide variety of styles. The following incomplete ledger accounts refer to transactions that are summarized for May:MaterialsMay 1Balance33,700May 31Requisitions(a)31Purchases135,500    Work in ProcessMay 1Balance(b)31Completed jobs(f)31Materials(c)   31Direct labor(d)   31Factory overhead applied(e)    Finished GoodsMay 1Balance0May 31Cost of goods sold(g)31Completed jobs(f)    Wages Payable   May 31Wages incurred126,300      Factory OverheadMay 1 Balance   22,800         May 31   Factory overhead applied (e)31      Indirect labor   (h)   31    Indirect materials   18,000   31     Other overhead    88,800  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 Labor101           AF1             220                $25,100                  $16,000  102          AF3             420                  36,640                    27,000  103          AF2              170                    11,740                      7,000  104          VY1              290                  39,550                   30,000  105          VY2               170                  20,520                   16,000  106          AF4               150                   10,600                    5,000                   Total             1,420              $144,150               $101,000  b. Factory overhead is applied to each job at a rate of 150% 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 1101                 AF1                     $6,400   102                AF3                      16,400   Total                                         $22,800 d. Customer jobs completed and units sold in May were as follows:Job No.      Style       Completed in May       Units Sold in May101               AF1                        X                                   176 102               AF3                       X                                   336 103               AF2                                                              0 104               VY1                       X                                   244 105              VY2                       X                                   141 106               AF4                                                              0 Required:1.  Determine the missing amounts associated with each letter and complete the following table. If required, round amounts to the nearest dollar. If an answer is zero, enter in &#34;0&#34;. Enter all amounts as positive numbers. Required:1. Determine the missing amounts associated with each letter and complete the following table. If required, round amounts to the nearest dollar. If an answer is zero, enter in &#34;0&#34;. Enter all amounts as positive numbers.May 1Cost of Goods SoldWork inDirectDirectFactoryOverheadTotal CostUnit CostUnits SoldJob No.QuantityProcessMaterialsLabor$4No. 101$ 6,400$ 25,100$ 16,000No. 10216,40036,64027,00011,7407,000No. 10339,55030,000No. 10420,52016,000No. 10510,6005,000No. 106$22,800$144,150$101,000%$4Totala. Materials Requisitions $b. Work in Process Beginning Balance $c. Direct Materials $d. Direct Labor $e. Factory overhead appliedf. Completed jobs $g. Cost of goods sold $h. Indirect labor2. Determine the May 31 balances for each of the inventory accounts and factory overhead. Use the minus sign to indicate any credit balances.MaterialsWork in ProcessFinished Goods b. Work in Process Beginning Balancec. Direct Materials $d. Direct Labor $e. Factory overhead applied $f. Completed jobs Sg. Cost of goods sold $h. Indirect labor S2. Determine the May 3i balances for each of the inventory accounts and factory overhead. Use the minus sign to indicate any credit balances.MaterialsWork in ProcessFinished GoodsFactory Overhead%24%24%24

Accepted Answer

Cost is the term which refers to the value which is spent for producing the product or for offering…

Work in Process
May 1	Balance	(b)	31	Completed jobs	(f)
31	Materials	(c)
31	Direct labor	(d)
31	Factory overhead applied	(e)

accounts refer to transactions that are summarized for May: Materials May 1 Balance 33,700 May 31 Requisitions (a) 31 Purchases 135,500 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