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Analyzing Manufacturing Cost Accounts Fire Rock Company manufactures designer paddle boards in a wide variety of...

Analyzing Manufacturing Cost Accounts

Fire Rock Company manufactures designer paddle boards in a wide variety of sizes and styles. The following incomplete ledger accounts refer to transactions that are summarized for June:

Materials
June 1 Balance 28,100 June 30 Requisitions (A)
June 30 Purchases 112,800


Work in Process
June 1 Balance (B) June 30 Completed jobs (F)
June 30 Materials (C)
June 30 Direct labor (D)
June 30 Factory overhead applied (E)


Finished Goods
June 1 Balance 0 June 30 Cost of goods sold (G)
June 30 Completed jobs (F)


Wages Payable
June 30 Wages incurred 122,500


Factory Overhead
June 1 Balance 22,300 June 30 Factory overhead applied (E)
June 30 Indirect labor (H)
June 30 Indirect materials 15,000
June 30 Other overhead 109,000

In addition, the following information is available:

a. Materials and direct labor were applied to six jobs in July:

Job No. Style Quantity Direct Materials Direct Labor
201 T100 220 $21,240 $16,000
202 T200 410 30,750 26,000
203 T400 190 12,220 8,000
204 S200 290 32,680 30,000
205 T300 150 15,900 14,000
206 S100 140 7,260 4,000
Total 1,400 $120,050 $98,000

b. Factory overhead is applied to each job at a rate of 170% of direct labor cost.

c. The June 1 Work in Process balance consisted of two jobs, as follows:

Job No. Style Work in Process, June 1
201 T100 $6,400
202 T200 15,900
Total $22,300

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

Job No. Style Completed in July Units Sold in July
201 T100 X 176
202 T200 X 328
203 T400 0
204 S200 X 244
205 T300 X 125
206 S100 0

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.

Job No. Quantity June 1
Work in
Process
Direct
Materials
Direct
Labor
Factory
Overhead
Total Cost Unit Cost Units Sold Cost of Goods Sold
No. 201 $ 6,400 $ 21,240 $ 16,000 $ $ $ $
No. 202 15,900 30,750 26,000
No. 203 12,220 8,000
No. 204 32,680 30,000
No. 205 15,900 14,000
No. 206 7,260 4,000
Total $22,300 120,050 98,000 $ $ $

a. Materials Requisitions $

b. Work in Process Beginning Balance $

c. Direct Materials $

d. Direct Labor $

e. Factory overhead applied $

f. Completed jobs $

g. Cost of goods sold $

h. Indirect labor $

2. Determine the June 30 balances for each of the inventory accounts and factory overhead. Use the minus sign to indicate any credit balances.

Materials: $
Work in Process: $
Finished Goods: $
Factory Overhead: $

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