GL 1601 - Based on Problem 16-5A (Algo) LO P3, P4

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GL1601 - Based on Problem 16-5A (Algo) LO P3, P4 Richards 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 Row materials inventory $ 90,000 $ 116,350 Work in process inventory-Cutting 223,500 60,500 Work in process inventory-stitching 243,300 150,500 Finished goods Inventory 200, 100 44,250 The following additional information describes the company's production activities for May. $ 115,000 26,250 Direct materials Raw materials purchased on credit Direct materials used-cutting Direct materials used-stitching Direct labor Direct labor cutting Direct labor-stitching Factory Overhead (Actual costs) Indirect materials used Indirect labor used Other overhead costs $24.600 98,400 $ 68,400 58,600 65,000 Factory Overhead Rates Cutting Stitching Sales (150% of direct materials used) (120% of direct labor used) 5976,000 Raw Cost of General Cost of General Cost of Requirement Journal Trial Balance Ledger Goods Mfg Goods Mfo Gross Profit Materials Goods Sold Cutting Stitching General Journal tab. Journalize the transactions related to Miller 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 Richards 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 Richards Company for the month of May. Cost of Goods Sold tab - Prepare a schedule of cost of goods sold for Richards Company for the month of May. Gross Profit tab - Calculate the gross profit on sales for May He General Journal > Cost of Cost of Requirement Gross Profit General Journal General Ledger Trial Balance Raw Materials Cost of Goods Mfg Cutting Goods Mfg Goods Sold Stitching Prepare journal entries for the month of May's transactions. View transaction list Journal entry worksheet 1 2 3 4 5 11 6 7 8 .... Record the purchase of materials (on credit). Note: Enter debits before credits Debit Account Title Date Credit May 31 Record entry Clear entry View general Journal Requirement General Journal General Ledger Trial Balance Raw Materials Cost of Goods Mfg Cutting Cost of Cost of Goods Mfo Goods Sold Gross Profit Sutching Dates: Apr 30 to: Apr 30 General Ledger Account Cash Accounts receivable Debit Credit No. Date Debit Credit No. Balance 380,000 Date Apr 30 Balance 80,000 Apr 29 Raw materials inventory Debit Credit Work in process inventory-Stitching Date Debit Credit No. Date No. Balance 96,000 Balance 243 300 Apr 29 Finished goods Inventory Debit Credit Work in process inventory-Cutting Date Debit Credit No. No. Date Apr 29 Balance 200,100 Balance 223.500 Factory Equipment Debit Credit No. Date No. Balance 115,000 Accumulated depreciation - Factory equipment Date Debit Credit Balance Apr 29 23.000 Apr 29 Accounts payable Debit Credit Common stock, 55 par value Debit Credit No. No. Date Apr 30 Balance 884,400 Date Apr 29 Balance 66,000 Paid in capital in excess of par. Common Date Debit Credit Balance Apr 30 60,000 Retained earnings Credit No. No Debit Date Apr 30 Balance 304,500 General Cost of General Cost of Raw Cost of Requirement Trial Balance Journal Gross Profit Goods Mfg Goods Mfg Ledger Materials Goods Sold Cutting Stitching Dates: Apr 30 to: Apr 30 Richards Company Trial Balance April 30, 2018 Account Title Debit Credit Cash 5 380,000 Accounts receivable 80,000 Raw materials inventory 96,000 Work in process inventory Stitching 243,300 Finished goods inventory 200,100 Work in process inventory--Cutting 223,500 Factory Equipment 115,000 Accumulated depreciation - Factory equipment 23,000 Accounts payable 884.400 Common stock, SS par value 66,000 Pald-in capital in excess of par. Common 60,000 Retained earnings 304,500 Total 1,337.900 S 1.337.900 CD General Journal Requirement General Ledger Raw Materials Cost of Goods Mfo Cutting Trial Balance Gross Profit Cost of Goods Mio Stitching Cost of Goods Sold 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 General Cost of General Requirement Cost of Raw Cost of Journal Gross Profit Trial Balance Ledger Goods Mfg Goods Mfg Materials Goods Sold Cutting Stitching Prepare a schedule of cost of goods manufactured for the Cutting Department for the month of May. Dates: Apr 30 to: Apr 30 Total manufacturing costs added during May 7 Total cost of work in process General General Requirement Cost of Cost of Raw Trial Balance Goods Mfo Cost of Journal Goods Mfg Materials Ledger Gross Profit 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 Mfg Stitching Cost of Goods Sold General General Raw Requirement Cost of Journal Ledger Trial Balance Goods Mfg Materials Cutting Calculate the value of gross profit for the month of May. Gross Profit Dates: Apr 30 to: Apr 30 Gross Profit (Cost of Goods Sold GID Profit