Assume Cookies uses process costing and allocates manufacturing overhead based on machine hours. Cooki expects to incur $80,000 of manufacturing overhead costs, and to use 400 direct labor hours during fiscal year 2024. Cookies reported the following inventories at May 31, 2024:

Requirement 2:

Compute the Cost of Goods Manufactured by completing the Cost of Goods Manufactured Schedule using the following cost data and account balances:

Requirement 3:

Compute the Cost of Goods sold by completing the Cost of Goods Sold Schedule using the COGM found in part 2 and the account balances listed above.

Requirement 5:

Journalize the journal entries in the general journal. The account titles are available when you click the down-arrow. Use the Increase Indent button on the Home tab to indent items.

\begin{tabular}{|l|rr|} \hline Coconut Flakes Purchase & $ & 20,000 \\ \hline Oven Depreciation & $ & 10,000 \\ \hline Computer Insurance & $ & 5,000 \\ \hline Bakery Security Guard Wages & $ & 20,000 \\ \hline Flour Purchased & $ & 25,000 \\ \hline Bakers Salaries & $ & 50,000 \\ \hline Bakery Electricity & $ & 1,000 \\ \hline Eggs Purchased & $ & 30,000 \\ \hline Corporate Headquarters'Heating & $ & 7,000 \\ \hline Cookie Shipping & $ & 1,000 \\ \hline Butter Purchased & $ & 15,000 \\ \hline Baking Supervisor Salary & $ & 30,000 \\ \hline Sanitary Gloves Purchased (Worn by Bakers) & $ & 5,500 \\ \hline Sugar Purchased & $ & 20,000 \\ \hline \end{tabular} \begin{tabular}{|l|l|r|} \hline & \multicolumn{2}{|c|}{ Account Balances } \\ \hline Beg. Direct Materials & $ & 50,000 \\ \hline Ending Direct Materials & $ & 60,000 \\ \hline Beg. Work-In-Process Inventory & $ & 10,000 \\ \hline Beg. Finished Goods & $ & 6,000 \\ \hline Ending Work-In-Process Inventory & $ & 5,000 \\ \hline Ending Finished Goods & $ & 8,000 \\ \hline Cookies Produced & 110,000 cookies \\ \hline Cookies Sold & 100,000 cookies \\ \hline Actual Direct Labor Hours Used & 500 hrs \\ \hline \end{tabular} \begin{tabular}{|c|c|c|c|c|} \hline & Date & Account/Explanation & Debit & Credit \\ \hline & \multirow[t]{3}{*}{ (a) } & Raw Materials Inventory & 115,500 & \\ \hline & & Accounts Payable & & 115,500 \\ \hline & & Purchased materials on account, $115,500 & & \\ \hline & \multirow[t]{2}{*}{ (b) } & Work-in-Process Inventory & & \\ \hline & & Raw Materials Inventory & . & \\ \hline & & Used materials (direct and indirect) & & \\ \hline & & & & \\ \hline & \multirow[t]{4}{*}{ (c) } & Work-in-Process Inventory & & \\ \hline & & Manufacturing Overhead & & \\ \hline & & Wages Payable & & \\ \hline 6 & & Manufacturing wages incurred, $100,000. & & \\ \hline 18 & \multirow[t]{2}{*}{ (d) } & & & \\ \hline 19 & & Accumulated Depreciation & & \\ \hline 20 & & Record oven depreciation for the year & & \\ \hline \\ \hline 22 & (e) & Manufacturing Overhead & & \\ \hline 23 & & Accounts Payable & & \\ \hline 24 & & Incurred other manufacturing overhead on account & & \\ \hline \\ \hline 26 & (f) & Finished Goods Inventory & & \\ \hline 27 & & Work-in-Process Inventory & & \\ \hline 28 & & Allocated manufacturing overhead for the year. & & \\ \hline \end{tabular}