Ch 03 GL P3-1a Saved 1 Fox Company manufactures soccer balls In two sequentlal processes: Cutting and Stitching. All direct materlals enter production at the beginning of the Cutting process. The following Information Is avallable regarding Its May Inventorles: Beginning Ending Inventory $104, 050 59, 500 15 Inventory points Raw materials inventory ork in process inventory-Cutting Work in process inventory-Stitching Finished goods inventory $ 86, 000 203, 500 223, 300 180, 100 140, 500 40, 250 ook The following additional Information describes the company's production activitles for May. Print Direct materials Raw materials purchased on credit Direct materials used-Cutting Direct materials used-Stitching $105, 000 25, 750 0 References Direct labor 23, 600 94, 400 176, 200 Direct labor-Cutting Direct labor-Stitching Total factory payroll paid (in cash) Factory Overhe ad (Actual costs) Indirect materials used $61, 200 Indirect labor used 58, 200 Other overhead costs 63, 000 Factory Overhead Rates Cutting Stitching (150% of direct materials used) (120% of direct labor used) $896, 000 Sales Cost of Cost of General Ledger Cost of General Journal Trial Raw Gross Requirem... Materials Goods Mfg Goods Mfg Goods Sold Balance Profit Cutting Stitchinn General Journal tab - Prepare journal entries to record the transactions of Fox Company during the month of May Cost of Materials Used tab - Calculate the total cost of direct materials used in production during May. Cost of Goods Manufactured Cutting and Stitching tab - Prepare a schedule of cost of goods manufactured for Fox Company for the month of May. Cost of Goods Sold tab Prepare a schedule of cost of goods sold for Fox Company for the month of May Gross Profit tab Calculate the gross profit on sales for May. Ch 03 GL P3-1a Saved 1 Beginning Inventory 86, 000 Ending Inventory $104, 050 59, 500 140, 500 40, 250 Raw materials inventory Work in process inventory-Cutting Work in process inventory Stitching Finished goods inventory 203, 500 223, 300 15 180, 100 points 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 eBook $105, 000 25, 750 0 Print Direct labor 23, 600 Direct labor-Cutting Direct labor-Stitching Total factory payroll paid (in cash) References 94, 400 176, 200 Factory Overhead (Actual costs) Indirect materials used 61, 200 Indirect labor used 58, 200 Other overhead costs 63, 000 Factory Overhead Rates Cutting Stitching (150% of direct materials used) (120% of direct labor used) $896, 000 Sales Cost of Cost of Cost of Goods General Journal General Trial Raw Gross Profit Requirem... Materials Goods Mfg Goods Mfg Ledger Balance Cuttina Stitchinn Sold Prepare journal entries for the month of May's transactions. View journal entry worksheet View transaction list No Date Account Title Debit Credit 105,000 May 31 Raw materials inventory Accounts payable 1 105,000 Ch 03 GL P3-1a Saved 1 Fox Company manufactures soccer balls In two sequentlal processes: Cutting and Stitching. All direct materlals enter production at the beginning of the Cutting process. The following Information Is avallable regardlng its May Inventories: Beginning Inventory 86, 000 15 Ending Inventory $104, 050 59, 500 points Raw materials inventory Work in process inventory-Cutting Work in process inventory Stitching Finished goods inventory 203, 500 140, 500 223, 300 180, 100 40, 250 ook The following additional Information describes the company's production activities for May. Print Direct materials Raw materials purchased on credit Direct materials used-Cutting Direct materials used-Stitching $105, 000 25, 750 0 References Direct labor 23, 600 Direct labor-Cut ting Direct labor-Stitching Total factory payroll paid (in cash) 94, 400 176, 200 Factory Overhe ad (Actual costs) Indirect materials used Indirect labor used Other overhead costs $61, 200 58, 200 63, 000 Factory Overhead Rates Cutting Stitching (150% of direct materials used) (120% of direct labor used) $896, 000 Sales Cost of Cost of Cost of General Journal Trial General Raw Gross Requirem... Balance Materials Goods Mfg Goods Mfg Goods Cuttina Ledger Profit StitchinaI Sold Dates: Apr 30 to: Apr 30 General Ledger Account Cash Accounts receiva ble Balance No. Date Debit Credit Balance No. Date Debit Credit Apr 29 360,000 pr 30 72,000 Ch 03 GL P3-1a Saved 1 Direct labor Direct labor-Cut ting Direct labor-Stitching Total factory payroll paid (in cash) 23, 600 94, 400 176, 200 15 Factory Overhead (Actual costs) Indirect materials used points $61, 200 58, 200 Indirect labor used Other overhead costs 63, 000 ook Factory Overhead Rates Cutting Stitching Sales (150% of direct materials used) (120% of direct labor used) $896, 000 Print References Cost of Cost of Cost of General Ledger Trial Balance Materials Goods Mfg Goods Mfg Goods General Journal Raw Gross Requirem. Profit Cutting Stitchinn Sold Dates: Apr 30 to: Apr 30 Fox Company Trial Balance April 30, 2018 Debit Account Title Credit Cash 360,000 72,000 191,000 Accounts receivable Raw materials inventory Work in process inventory-Stitching 223,300 Finished goods inventory 180,100 Work in process inventory-Cutting Factory Equipment Accumulated depreciation Factory equipment Accounts payable 203,500 105,000 21,000 893,800 62,000 56,000 Common stock, $5 par value Paid-in capital in excess of par Common Retained earnings 302,100 1,334,900 1,334,900 $ Total KGeneral Ledger Raw Materials > 4444444400 Ch 03 GL P3-1a 1 Inventory 86, 000 Inventory Raw materials inventory Work in process inventory-Cutting Work in process inventory-Stitching Finished goods inventory $104, 050 203, 500 59, 500 223, 300 140, 500 180, 100 40, 250 15 points The following additional information describes the company's productlon activities for May Direct materials Raw materials purchased on credit Direct materials used-Cutting Direct materials used-Stitching $105, 000 25, 750 ook 0 Print Direct labor Direct labor-Cutting Direct labor-Stitching Total factory payroll paid (in cash) 23, 600 94, 400 References 176, 200 Factory Overhead (Actual costs, Indirect materials used $ 61, 200 Indirect labor used 58, 200 Other overhead costs 63, 000 Factory Overhead Rates Cutting Stitching Sales (150% of direct materials used) (120% of direct labor used) $896, 000 Cost of Cost of Cost of General Journal General Trial Raw Gross Requirem. Balance Materials Goods Mfg Goods Mfg Goods Ledger Profit Cutting Stitchinn Sold Verify the ending balance in raw materials inventory. Enter the amount of materials used as negative values Beginning Raw Materials Inventory Materials available for use Ending raw material inventory 0 Ch 03 GL P3-1a 1 The following additional Information describes the company's production activitles for May. Direct materials 15 Raw materials purchased on credit Direct materials used-Cutting Direct materials used-Stitching $105, 000 points 25, 750 0 Direct labor ook 23, 600 94, 400 Direct labor-Cutting Direct labor-Stitching Total factory payroll paid (in cash) 176, 200 Print Factory Overhe ad (Actual oosts) Indirect materials used $61, 200 References Indirect labor used 58, 200 Other overhead costs 63, 000 Factory Overhead Rates Cutting Stitching (150% of direct materials used) (120% of direct labor used) $896, 000 Sales Cost of Goods Cost of Cost of General Journal General Trial Raw Gross Materials Goods Mfg Goods Mfg Louttin. Gtitchino. Requirem... Ledger Balance Profit Sold Prepare a schedule of cost of goods manufactured for Fox Company for the month of May. Dates: Apr 30 to: Apr 30 Total manufacturing costs added during May Total cost of work in process Ch 03 GL P3-1a Saved 1 The following additional Information describes the company's production actlvities for May. Direct materials Raw materials purchased on credit Direct materials used-Cutting Direct materials used-Stitching $105, 000 15 25, 750 points 0 Direct labor Direct labor-Cutting Direct labor-Stitching Total factory payroll paid (in cash) $23, 600 eBook 94, 400 176, 200 Print Factory Overhead (Actual costs) Indirect materials used 61, 200 58, 200 Indirect labor used References Other overhead costs 63, 000 Factory Overhead Rates Cutting Stitching Sales (150% of direct materials used) (120% of direct labor used) $896, 000 Cost of Cost of General Journal Cost of General Ledger Trial Raw Gross Profit Requirem. Balance Materials Goods Mfg Goods Mfg Goods Stitchin. Cuttina Sold Prepare a schedule of cost of goods manufactured for Fox Company for the month of May. to: Apr 30 Dates: Apr 30 Total manufacturing costs added during May Total cost of work in procesS Ch 03 GL P3-1a Saved 1 Deginning Inventory $ 86, 000 203, 500 Lnaing Inventory $104, 050 Raw materials inventory Work in process inventory-Cutting Work in process inventory-Stitching Finished goods inventory 59, 500 223, 300 140, 500 180, 100 40, 250 15 points The following additional Information describes the company's production actlvities for May. Direct materials Raw materials purchased on credit Direct materials used-Cutting Direct materials used-Stitching eBook $105, 000 25, 750 0 Print Direct labor 23, 600 Direct labor-Cutting Direct labor-Stitching Total factory payroll paid (in cash) 94, 400 References 176, 200 Factory Overhe ad (Actual gosts) Indirect materials used $61, 200 Indirect labor used. 58, 200 Other overhead costs 63, 000 Factory Overhead Rates Cutting Stitching (150% of direct materials used) (120% of direct labor used) $896, 000 Sales Cost of Goods Cost of Cost of General Journal General Trial Raw Gross Requirem.. Materials Goods Mfg Goods Mfg Ledger Balance Profit uttina Stitchinn Sold Calculate the value of cost of goods sold for the month of May. Ignore any over- or underapplied overhead in the calculation of cost of goods sold. Dates: Apr 30 to: Apr 30 Calculate cost of goods sold: Cost of goods available for sale Cost of goods sold Ch 03 GL P3-1a Saved 1 Deginning Inventory $ 86, 000 Lnaing Inventory Raw materials inventory Work in process inventory-Cutting Work in process inventory-Stitching Finished goods inventory $104, 050 203, 500 59, 500 223, 300 180, 100 140, 500 40, 250 15 points The following additional information describes the company's production activities for May. Direct materials Raw materials purchased on credi t Direct materials used-Cutting Direct materials used-Stitching eBook $105, 000 25, 750 0 Print Direct labor 23, 600 Direct labor-Cutting Direct labor-Stitching Total factory payroll paid (in cash) 94, 400 References 176, 200 Factory Overhe ad (Actual costs) Indirect materials used 61, 200 Indirect labor used. 58, 200 Other overhead costs 63, 000 Factory Overhead Rates Cutting Stitching (150% of direct materials used) (120% of direct labor used) $896, 000 Sales Cost of Cost of Cost of Trial General General Gross Profit Raw Requirem Requirem.. Balance Materials Goods Mfg Goods Mfg Goods Cuttina Journal Ledger Stitchinn Sold Calculate the value of gross profit for the month of May. Dates: Apr 30 to: Apr 30 Gross Profit Gross Profit> Cost of Goods Sold