Dupont Fishing Equipment Company manufactures fishing rods in a wide variety of lengths and weights. The following incomplete ledger accounts refer to transactions that are summarized for November:
|
Materials
|
|
Nov. 1
|
Balance 10,000
|
|
Nov. 30
|
Requisitions
|
(A)
|
|
31
|
Purchases 120,000
|
|
|
|
|
|
Work in Process
|
|
Nov. 1
|
Balance
|
(B)
|
Nov. 30
|
Completed jobs
|
(F)
|
|
30
|
Materials
|
(C)
|
|
|
|
|
30
|
Direct labor
|
(D)
|
|
|
|
|
30
|
Factory overhead applied
|
(E)
|
|
|
|
|
Finished Goods
|
|
Nov. 1
|
Balance
|
0
|
Nov. 30
|
Cost of goods sold
|
(G)
|
|
30
|
Completed jobs
|
(F)
|
|
|
|
|
Wages Payable
|
|
|
|
|
Nov. 30
|
Wages incurred
|
130,000
|
|
Factory Overhead
|
|
Nov. 1
|
Balance
|
2,500
|
Nov. 30
|
Factory overhead applied
|
(E)
|
|
30
|
Indirect labor
|
(H)
|
|
|
|
|
30
|
Indirect materials
|
3,000
|
|
|
|
|
30
|
Other overhead
|
60,000
|
|
|
|
In addition, the following information is available:
a. Materials and direct labor were applied to six jobs in November:
|
|
|
|
Direct
|
Direct
|
|
Job No.
|
Style
|
Quantity
|
Materials
|
Labor
|
|
No. 111
|
DL-8
|
70
|
$ 15,000
|
$ 12,000
|
|
No. 112
|
DL-18
|
100
|
23,000
|
18,000
|
|
No. 113
|
DL-11
|
120
|
27,500
|
25,000
|
|
No. 114
|
SL-101
|
100
|
11,000
|
12,500
|
|
No. 115
|
SL-110
|
175
|
28,000
|
27,500
|
|
No. 116
|
DL-14
|
80
|
15,000
|
14,500
|
|
Total
|
|
645
|
$119,500
|
$109,500
|
b. Factory overhead is applied to each job at a rate of 75% of direct labor cost.
c. The November 1 Work in Process balance consisted of two jobs, as follows:
|
|
|
Work in Process,
|
|
Job No.
|
Style
|
November 1
|
|
Job 111
|
DL-8
|
$20,000
|
|
Job 112
|
DL-18
|
30,000
|
|
Total
|
|
$50,000
|
d. Customer jobs completed and units sold in November were as follows:
|
|
|
Completed
|
Units Sold in
|
|
Job No.
|
Style
|
in November
|
November
|
|
Job 111
|
DL-8
|
X
|
60
|
|
Job 112
|
DL-18
|
X
|
100
|
|
Job 113
|
DL-11
|
X
|
80
|
|
Job 114
|
SL-101
|
|
0
|
|
Job 115
|
SL-110
|
X
|
150
|
|
Job 116
|
DL-14
|
|
0
|
Instructions
1. Determine the missing amounts associated with each letter. Provide supporting calculations by completing a table with the following headings:
|
|
|
Nov. 1
|
|
|
|
|
|
|
Cost of
|
|
Job
|
|
Work in
|
Direct
|
Direct
|
Factory
|
Total
|
Unit
|
Units
|
Goods
|
|
No.
|
Quantity
|
Process
|
Materials
|
Labor
|
Overhead
|
Cost
|
Cost
|
Sold
|
Sold
|
2. Determine the November 30 balances for each of the inventory accounts and factory overhead.