GL0301 - Based on Problem 3-5A (Algo) LO P3, P4 Clark 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. \begin{tabular}{lr} Factory Overhead (Actual costs) & \\ Indirect materials used & $54,000 \\ Indirect labor used & 57,800 \\ Other overhead costs & 61,000 \end{tabular} Factory Overhead Rates Cutting ( 150% of direct materials used) stitching (120\% of direct labor used) Sales $816,000 General Journal tab - Journalize the transactions related to Clark 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 Clark 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 Clark Company for the month of May. Cost of Goods Sold tab - Prepare a schedule of cost of goods sold for Clark Company for the month of May. Gross Profit tab - Calculate the gross profit on sales for May. Journal entry worksheet Record the purchase of materials (on credit). Note: Enter debits before credits. Verify the ending balance in raw materials inventory. Materials use \begin{tabular}{|l|l|} \hline Calculate cost of goods sold: \\ \hline & \\ \hline & \\ \hline Cost of goods available for sale & \\ \hline & \\ \hline Cost of goods sold & \\ \hline \end{tabular} \begin{tabular}{|l|l|} \hline \multicolumn{2}{|c|}{ Gross Profit } \\ \hline & \\ \hline & \\ \hline & \\ \hline \end{tabular} GL0301 - Based on Problem 3-5A (Algo) LO P3, P4 Clark 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. \begin{tabular}{lr} Factory Overhead (Actual costs) & \\ Indirect materials used & $54,000 \\ Indirect labor used & 57,800 \\ Other overhead costs & 61,000 \end{tabular} Factory Overhead Rates Cutting ( 150% of direct materials used) stitching (120\% of direct labor used) Sales $816,000 General Journal tab - Journalize the transactions related to Clark 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 Clark 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 Clark Company for the month of May. Cost of Goods Sold tab - Prepare a schedule of cost of goods sold for Clark Company for the month of May. Gross Profit tab - Calculate the gross profit on sales for May. Journal entry worksheet Record the purchase of materials (on credit). Note: Enter debits before credits. Verify the ending balance in raw materials inventory. Materials use \begin{tabular}{|l|l|} \hline Calculate cost of goods sold: \\ \hline & \\ \hline & \\ \hline Cost of goods available for sale & \\ \hline & \\ \hline Cost of goods sold & \\ \hline \end{tabular} \begin{tabular}{|l|l|} \hline \multicolumn{2}{|c|}{ Gross Profit } \\ \hline & \\ \hline & \\ \hline & \\ \hline \end{tabular}