ACCT Assignment 5
MrJinx29
acct300_10-04.docx✓ 1. (G) $176,610
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:
Materials
May 1 Balance 9,000
31 Purchases 40,000
31 Requisitions (A)
Work in Process
_____________________________________
May 1 Balance (B)
31 Materials (C)
31 Direct labor (D)
31Factory overhead (E)
applied
31 Completed jobs (F)
Finished Goods
_____________________________________
May 1 Balance 0
31 Completed jobs (F)
31 Cost of goods sold (G)
Wages Payable
_____________________________________
May 31 Wages incurred 110,000
Factory Overhead
_______________________________________
May 1 Balance −3,000
31 Indirect labor (H)
31 Indirect materials 2,500
31 Other overhead 102,900
31 Factory overhead applied (E)
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:
Job No. Style Completed in May Units Sold in May
No. 0521 SX X 80
No. 0522 SJ X 160
No. 0523 SK 0
No. 0524 T3 X 105
No. 0525 T6 X 75
No. 0526 SX 0
Instructions
1. Determine the missing amounts associated with each letter. Provide supporting calculations by completing a table with the following headings:
Job No.
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.
