Ch3 GL P3-5a
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GL0301 - Based on Problem 3-5A (Algo) LO P3, P4 Pelcher 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: Beginning Ending Inventory Inventory Raw materials inventory $ 106,000 $ 128,650 Work in process inventory-cutting 243,500 61,500 Work in process inventory-Stitching 263,300 160,500 Finished goods inventory 220, 100 48,250 The following additional information describes the company's production activities for May. Direct materials Raw materials purchased on credit $ 125,000 Direct materials used-Cutting 26,750 Direct materials used-Stitching os Direct labor Direct labor-Cutting $ 25,600 Direct labor-Stitching 102,400 Factory Overhead (Actual costs) Indirect materials used $ 25,600 Indirect labor used 59,000 Other overhead costs 67,000 Factory Overhead Rates Cutting (1504 of direct materials used Stitching (120% of direct labor used) Sales $ 1,056,000 Cost of General General Cost of Raw Cost of Requirement Ledger Goods Mlg Goods Mfg Trial Balance Journal Materials Gross Pront Goods Sold Cutting Stitching Verify the ending balance in raw materials inventory. Materials used should be indicated with a minus sign. Beginning Raw Materials Inventory Materials available for use Ending raw material inventory Cost of Geode Mfg Cutting > Raw Materials GL0301 - Based on Problem 3-5A (Algo) LO P3, P4 Pelcher Company manufactures soccer balls in two sequential processes Cutting and Setching. All direct materiais enter production at the beginning of the Cutting process. The following information is avallable regarding its May inventories Beginning Ending Inventory Inventory Raw materials inventory $ 106,080 $ 128,650 Work in process inventory-Cutting 243,500 61,500 Work in process inventory-Stitching 263,300 168,500 Finished goods inventory 220, 100 48,250 The following additional information describes the company's production activities for May. Direct materials Raw materials purchased on credit $ 125,000 Direct materials used-cutting 26,750 Direct materials used-Stitching Direct labor Direct labor-Cutting $ 25,600 Direct labor-Stitching 102,400 Factory Overhead (Actual costs) Indirect materials used $ 75,6ee Indirect labor used 59,000 Other overhead costs 67.000 Factory Overhead Rates Cutting (1501 of direct materials used) Stitching (1201 of direct labor used) Sales $ 1.056,000 Cost of General Cost of General Raw Trial Balance Requirement Cost of Journal Goods Mfg Goods Mfg Gross Profit Ledger Materials Goods Sold Cutting Stitching Prepare a schedule of cost of goods manufactured for the Stitching Department for the month of May. Dates: Apr 30 to: Apr 30 Total manufacturing costs added during May Total cost of work in process Cost of Goods Sold > (Cost of Goods Mig Cutting GL0301 - Based on Problem 3-5A (Algo) LO P3, P4 Pelcher 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: Beginning Ending Inventory Inventory Raw materials inventory $ 106,000 $ 128,650 Work in process inventory-Cutting 243,500 61,500 Work in process inventory-Stitching 263,300 160,500 Finished goods inventory 220, 100 48,250 The following additional information describes the company's production activities for May. Direct materials Raw materials purchased on credit $ 125,000 Direct materials used-Cutting 26,750 Direct materials used-Stitching @ Direct labor Direct labor-Cutting $ 25,600 Direct labor-Stitching 102,400 Factory Overhead (actual costs) Indirect materials used $ 75,600 Indirect labor used 59,000 Other overhead costs 67,000 Factory Overhead Rates Cutting (150% of direct materials used) Stitching (1201 of direct labor used) Sales $ 1,056,000 Cost of Cost of General General Raw Trial Balance Requirement Cost of Goods Mfg Goods Mfg Gross Profit Journal Ledger Goods Sold Materials Cutting Stitching 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 Gross Profit > (Cost of Goods Mfg Stitching GL0301 - Based on Problem 3-5A (Algo) LO P3, P4 Pelcher 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: Beginning Ending Inventory Inventory Raw materials inventory $ 106,000 $ 128,650 Work in process inventory-Cutting 243,500 61,500 Work in process inventory-Stitching 263,300 160,500 Finished goods inventory 220,100 48,250 The following additional information describes the company's production activities for May Direct materials Raw materials purchased on credit $ 125,000 Direct materials used-Cutting 26,750 Direct materials used-stitching Direct labor Direct labor-cutting $ 25,608 Direct labor-Stitching 102,400 Factory Overhead (Actual costs) Indirect materials used $ 75,608 Indirect labor used 59,000 Other overhead costs 67,000 Factory Overhead Rates Cutting (150% of direct materials used) Stitching (120% of direct labor used) Sales $ 1,856,000 Cost of Goods Mfg Stitching Cost of Goods Sold Gross Profit General General Cost of Raw Trial Balance Requirement Goods Mfg Journal Ledger Materials Cutting Calculate the value of gross profit for the month of May. Dates: Apr 30 to: Apr 30 Gross Profit Orastit
