004415 Sierra Company manufactures soccer balls in two sequential processes Cutting and Sutching. All direct materials enter production at the beginning of the cutting process. The following Information is available regarding its May Inventories. Beginning Inventory Ending Inventory $ 16,000 $ 17,950 63,500 70,500 83,500 66,700 24,100 12,250 Raw materials inventory Work in process inventory-Cutting Work in process inventory-stitching Finished goods inventory The following additional information describes the company's production activities for May Direct materials Raw materials purchased on credit Direct materials used-Cutting Direct materials used-Stitching Direct labor Direct labor-Cutting Direct labor-Stitching Factory Overhead (Actual costs) Indirect materials used Indirect labor used Other overhead costs Factory Overhead Rates Cutting Stitching Sales $ 16,600 66,400 $35,000 22,250 $10,000 55,400 49,000 150% of direct materials used 120% of direct labor used $116,000 Direct labor-Stitching Factory Overhead (Actual costs) Indirect materials used Indirect labor used Other overhead costs Factory Overhead Rates Cutting Stitching 66,400 $ 10,800 $5,400 49,000 Sales 150% of direct materials used 120% of direct labor used 5.336,000 Required: 1. Compute the amount of (a) production costs transferred from Cutting to Stitching, (b) production costs transferred from Stitching to finished goods, and (c) cost of goods sold. Hint: Compute the total production costs in each department and then subtract the ending Inventory to get the amount transferred out of each department. (a) Transferred to work in process-Stitching (b) Transferred to finished goods (0) Cost of goods sold Factory Overhead (Actual costs) Indirect materials used. Indirect labor used other overhead costs Factory Overhead Rates Cutting Stitching $10,800 55,400 49,000 150% of direct materials used 120% of direct labor used Sales $336,000 Required: 1. Compute the amount of (a) production costs transferred from Cutting to Stitching. (b) production costs transferred from Stitching to finished goods, and (c) cost of goods sold. Hint Compute the total production costs in each department and then subtract the ending Inventory to get the amount transferred out of each department. (a) Transferred to work in process-Stitching (b) Transferred to finished goods (e) Cost of goods sold Mc raw Hill Type here to search AD JOE HARVEY WASTEWATER TREATMENT PLANT 414731 9475 < Prev 9 of 12 ELITEON Required Information (The following information applies to the questions displayed below] Sierra Company manufactures soccer balls in two sequential processes: Cutting and Stitching. All direct materials enter production at the beginning of the cutting process. The following Information is available regarding Its May Inventories. Raw materials inventory Work in process inventory-Cutting Work in process inventory-Stitching Finished goods inventory Beginning Inventory Ending Inventory $ 16,000 $17.950 63,500 20,500 83,300 66,700 24,100 12,250 The following additional information describes the company's production activities for May Direct materials Raw materials purchased on credit Direct materials used-Cutting $35,000 22,250 Direct materials used-Stitching Direct labor Direct labor-Cutting Direct labor-Stitching Factory Overhead (Actual costs) Indirect materials used Indirect labor used Other overhead costs factory Overhead Rates Cutting Stitching Sales $ 16,600 66,400 $ 10,880 55,400 49,000 150% of direct materials used 120% of direct labor used $336,000 Required: forrod froi Valonatto Crching production corto francforced from Stitching to 003008 Required Information [The following information applies to the questions displayed below] Sierra Company manufactures soccer balls in two sequential processes: Cutting and Stitching. All direct materials enter production at the beginning of the cutting process. The following information is available regarding its May Inventories Raw materials inventory work in process inventory-Cutting work in process inventory-stitching Finished goods inventory Seginning Inventory Ending Inventory $ 16.000 63,500 $ 17,950 70,500 24,100 66,700 12,250 The following additional information describes the company's production activities for May Direct materials Raw materials purchased on credit Direct materials used-cutting $15,000 22,250 Direct materials used-stitching Direct labor Direct labor-Cutting Direct labor-stitching Factory Overhead (Actual costs) Indirect materials used Indirect labor used $ 16,600 46,400 $10,800 55,400 49,000 Other overhead costs Factory Overhead Kates Cutting Stitching Sales 110% of direct saterials used 120% of direct labor used rect trial Banaterials purchased credit Detaching Direct Labo Direct labor-Cutting Direct labon-catching Indirect 14 US other overseal its Cutting Stitching 1 of direct materials Required: 1. Compute the amount of (a) production costs transferred from Cuming to Sanching, ty production costs transfered from Sanching to finished goods, and (c) cost of goods sold Hint Compute the total production couts in each department and then subtract the ending Inventory to get the amount transferred out of each department Tranfeed to work Cest of gest