17 Return to question 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: Part 2 of 2 11 points Work in process inventory-Cutting Work in process inventory-Stitching Finished goods inventory Beginning Ending Inventory Inventory 243,500 160,500 263,300 122,500 60,100 48,250 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 $125,000 26,750 0 Direct labor Direct labor-cutting Direct labor-Stitching Total factory payroll paid (in cash) $ 25,600 102,400 187,000 D 8 > May 31 153,600 Work in process inventory-Cutting Factory overhead 153,600 9 May 31 154,750 Finished goods inventory Work in process inventory-Cutting 0% 154.750 10 May 31 X 1,056,000 Accounts receivable Sales > 1,056,000 11 May 31 1,056,000 Cost of goods sold Other accounts 1,056,000 12 May 31 289,350 Work in process inventory Stitching Factory overhead XX 289,350 2. Prepare summary journal entries dated May 31 to record the following production activities during May: (a) raw materials purchases, (b) direct materials usage, (c) indirect materials usage, (d) direct labor costs incurred, (e) indirect labor costs incurred, ( payment of factory payroll, (g) other overhead costs, (credit Other Accounts), (h) overhead applied, goods transferred from Cutting to Stitching, goods transferred from Stitching to finished goods, (k) cost of goods sold, and (1) sales. Answer is not complete. General Journal No Credit Date May 31 Debit 125,000 1 Raw materials inventory Accounts payable 125,000 N May 31 26,750 Work in process inventory--Cutting Raw materials inventory 26,750 3 May 31 75,600 Factory overhead Raw materials inventory >> 75,600 4 May 31 12,800 Work in process inventory-Cutting Factory wages payable 12,800 5 May 31 59,000 Factory overhead Factory wages payable 59,000 6 May 31 187,000 Factory wages payable Cash SO 187,000 7 May 31 67,000 Factory overhead Other accounts 67,000 8 May 31 153,600 Work in process inventory-Cutting Factory overhead X 153,600 9 May 31 154.750 Finished goods inventory Work in process inventory-Cutting 154,750 10 May 31 Accounts receivable 1,056,000 Sales 1,056,000 11 May 31 > 1,056,000 Cost of goods sold Other accounts 1,056,000 vork mode : This shows what is correct or incorrect for the work you have completed so far. It does not indicate completion. Return to question 2. Prepare summary journal entries dated May 31 to record the following production activities during May: (a) raw materials purchases, (b) direct materials usage. (c) indirect materials usage, (d) direct labor costs incurred. (e) indirect labor costs incurred, payment of factory payroll, (g) other overhead costs, (credit Other Accounts). (h) overhead applied. O goods transferred from Cutting to Stitching, C) goods transferred from Stitching to finished goods, (k) cost of goods sold, and (1) sales. Answer is not complete. No Date Debit Credit General Journal 125,000 1 May 31 Raw materials inventory Accounts payable OS 125,000 2. May 31 26,750 Work in process inventory Cutting Raw materials inventory SIS 26,750 3 May 31 75.600 Factory overhead Raw materials inventory 75,600 4 May 31 12,800 Work in process inventory Cutting Factory wages payable 12.800X 5 May 31. 59.000 Factory Overhead Factory wages payable 59,000 Uus Torinorcare Retur Required information 5 May 31. 59,000 Factory overhead Factory wages payable 59,000 6 May 31 Factory wages payable Cash 187,000 187,000 7 May 31 Factory overhead Other accounts 67,000 67,000 8 May 31 Work in process inventory-Cutting Factory overhead 153,600 153,600X 9 May 31 Finished goods inventory Work in process inventory--Cutting 154,750 154,750 10 May 31 Accounts receivable 1,056,000 Sales 1,056,000 11 May 31 Cost of goods sold 1,056,000 Required information B May 31 Work in process inventory Cutting Factory overhead 153,600 X 153,600 9 May 31 Finished goods Inventory Work in process inventory-Cutting 154.750 0 154.750 10 May 31 Accounts receivable Sales 1,056,000 * X 1,056,000 11 May 31 Cost of goods sold Other accounts 1,056,000 X 1,056,000 12 May 31 Work in process inventory--Stitching Factory overhead X 289,350 X 289,350