General Journal
Record the purchase of materials (on credit).
Record direct materials used in production.
Record the usage of indirect materials.
Record the cost of direct labor incurred but not yet paid. (Use "Factory wages payable" account).
Record the cost of indirect labor incurred but not yet paid. (Use "Factory wages payable" account).
Record overhead costs paid in cash.
Record the application of overhead at a rate of 150% of direct materials costs (Cutting) and 120% of direct labor cost (Stitching).
Record the transferred costs of partially completed goods.
Record the transfer of production to finished goods, as calculated on the Cost of Goods Manufactured tab.
Record the sale of goods on account.
Record the cost of goods sold, as calculated on the cost of goods sold tab.
GL0301 - Based on Problem 3-5A (Algo) LO P3, P4 Drake 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: The following additional information describes the company's production activities for May. General Journal tab - Journalize the transactions related to Drake Company's manufacturing of soccer balls. The General Ledger and Trial Balance will be updated based on your entries. Prepare journal entries to record the transactions of Drake Company during the month of May. General Ledger tab - One of the advantages of general ledger software is that posting is done automatically. To see the detail of all transactions that affect a specific account, or the balance in an account at a specific point in time, click on the General Ledger tab. Trial Balance tab - General ledger software also automates the preparation of trial balances. A trial balance lists each account from the General Ledger, along with its balance, either a debit or a credit. Total debits should always equal total credits. Raw Materials 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 Drake Company for the month of May. Cost of Goods Sold tab - Prepare a schedule of cost of goods sold for Drake Company for the month of May. Gross Profit tab - Calculate the gross profit on sales for May. \begin{tabular}{|c|c|c|c|c|} \hline \multicolumn{5}{c}{} \\ \multicolumn{4}{c|}{ Cash } & General Led \\ \hline No. & Date & Debit & Credit & Balance \\ \hline & Apr 30 & & & 440,000 \\ \hline \end{tabular} \begin{tabular}{|c|c|c|c|c|} \hline \multicolumn{5}{|c|}{ Accounts receivable } \\ \hline No. & Date & Debit & Credit & Balance \\ \hline & Apr 30 & & & 104,000 \\ \hline \end{tabular} \begin{tabular}{|c|c|c|c|c|} \hline \multicolumn{6}{|c|}{ Work in process inventory-Cutting } \\ \hline No. & Date & Debit & Credit & Balance \\ \hline & & & & 283,500 \\ \hline \end{tabular} \begin{tabular}{|l|c|c|c|c|} \hline \multicolumn{5}{|c|}{ Factory Equipment } \\ \hline No. & Date & Debit & Credit & Balance \\ \hline & Apr 30 & & & 145,000 \\ \hline \end{tabular} \begin{tabular}{|c|c|c|c|c|} \hline \multicolumn{5}{|c|}{ Accounts payable } \\ \hline No. & Date & Debit & Credit & Balance \\ \hline & Apr 30 & & & 1,171,200 \\ \hline \end{tabular} \begin{tabular}{|c|c|c|c|r|} \hline \multicolumn{5}{|c|}{ Paid-in capital in excess of par-Common } \\ \hline No. & Date & Debit & Credit & Balance \\ \hline & Apr 30 & & & 72,000 \\ \hline \end{tabular} \begin{tabular}{|c|c|c|c|c|} \hline \multicolumn{5}{|c|}{ Retained earnings } \\ \hline No. & Date & Debit & Credit & Balance \\ \hline & Apr 30 & & & 311,700 \\ \hline \end{tabular} Verify the ending balance in raw materials inventory. Materials used should be indicated with a minus sign. Prepare a schedule of cost of goods manufactured for the Cutting Department for the month of May. \begin{tabular}{|l|l|l|l|l|l|l|l|l|l|} \hline Requirement & General Journal & General Ledger & Trial Balance & Raw Materials & Cost of Goods Mfg Cutting & Cost of Goods Mfg Stitching & Cost of Goods Sold & Gross Profit \\ \hline \end{tabular} Prepare a schedule of cost of goods manufactured for the Stitching Department for the month of May. 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. Calculate the value of gross profit for the month of May. GL0301 - Based on Problem 3-5A (Algo) LO P3, P4 Drake 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: The following additional information describes the company's production activities for May. General Journal tab - Journalize the transactions related to Drake Company's manufacturing of soccer balls. The General Ledger and Trial Balance will be updated based on your entries. Prepare journal entries to record the transactions of Drake Company during the month of May. General Ledger tab - One of the advantages of general ledger software is that posting is done automatically. To see the detail of all transactions that affect a specific account, or the balance in an account at a specific point in time, click on the General Ledger tab. Trial Balance tab - General ledger software also automates the preparation of trial balances. A trial balance lists each account from the General Ledger, along with its balance, either a debit or a credit. Total debits should always equal total credits. Raw Materials 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 Drake Company for the month of May. Cost of Goods Sold tab - Prepare a schedule of cost of goods sold for Drake Company for the month of May. Gross Profit tab - Calculate the gross profit on sales for May. \begin{tabular}{|c|c|c|c|c|} \hline \multicolumn{5}{c}{} \\ \multicolumn{4}{c|}{ Cash } & General Led \\ \hline No. & Date & Debit & Credit & Balance \\ \hline & Apr 30 & & & 440,000 \\ \hline \end{tabular} \begin{tabular}{|c|c|c|c|c|} \hline \multicolumn{5}{|c|}{ Accounts receivable } \\ \hline No. & Date & Debit & Credit & Balance \\ \hline & Apr 30 & & & 104,000 \\ \hline \end{tabular} \begin{tabular}{|c|c|c|c|c|} \hline \multicolumn{6}{|c|}{ Work in process inventory-Cutting } \\ \hline No. & Date & Debit & Credit & Balance \\ \hline & & & & 283,500 \\ \hline \end{tabular} \begin{tabular}{|l|c|c|c|c|} \hline \multicolumn{5}{|c|}{ Factory Equipment } \\ \hline No. & Date & Debit & Credit & Balance \\ \hline & Apr 30 & & & 145,000 \\ \hline \end{tabular} \begin{tabular}{|c|c|c|c|c|} \hline \multicolumn{5}{|c|}{ Accounts payable } \\ \hline No. & Date & Debit & Credit & Balance \\ \hline & Apr 30 & & & 1,171,200 \\ \hline \end{tabular} \begin{tabular}{|c|c|c|c|r|} \hline \multicolumn{5}{|c|}{ Paid-in capital in excess of par-Common } \\ \hline No. & Date & Debit & Credit & Balance \\ \hline & Apr 30 & & & 72,000 \\ \hline \end{tabular} \begin{tabular}{|c|c|c|c|c|} \hline \multicolumn{5}{|c|}{ Retained earnings } \\ \hline No. & Date & Debit & Credit & Balance \\ \hline & Apr 30 & & & 311,700 \\ \hline \end{tabular} Verify the ending balance in raw materials inventory. Materials used should be indicated with a minus sign. Prepare a schedule of cost of goods manufactured for the Cutting Department for the month of May. \begin{tabular}{|l|l|l|l|l|l|l|l|l|l|} \hline Requirement & General Journal & General Ledger & Trial Balance & Raw Materials & Cost of Goods Mfg Cutting & Cost of Goods Mfg Stitching & Cost of Goods Sold & Gross Profit \\ \hline \end{tabular} Prepare a schedule of cost of goods manufactured for the Stitching Department for the month of May. 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. Calculate the value of gross profit for the month of May
