Analyzing manufacturing cost accounts
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:
Instructions
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 factory overhead.
