Accounting 26th Edition by Carl Warren ,Jim Reeve ,Jonathan Duchac

Exercise 33

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:

In addition, the following information is available:
a. Materials and direct labor were applied to six jobs in June:

b. Factory overhead is applied to each job at a rate of 140% of direct labor cost.
c. The June 1 Work in Process balance consisted of two jobs, as follows:

d. Customer jobs completed and units sold in June 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 June 30 balances for each of the inventory accounts and factory overhead.