GL1601-Based on Problem 16-1A LO P1, P2, P3, P4

General Journal -a. Record the purchase of materials (on credit) -b. Record direct materials used in production. -c. Record the usage of indirect materials. -d. Record the cost of direct labor incurred but not yet paid. (Use "Factory wages payable" account). -e. Record the cost of indirect labor incurred but not yet paid. (Use "Factory wages payable" account). -f. Record the payment of the total factory payroll. -g. Record the cost of other factory overhead costs (credit Other account). -h. Record the application of overhead at a rate of 150% of direct materials costs (Cutting) and 120% of direct labor cost (Stitching). -i. Record the transferred costs of partially completed goods. -j. Record the transfer of production to finished goods, as calculated on the Cost of Goods Manufacturered tab. -k. Record the cost of goods sold, as calculated on the cost of goods sold tab. -l. Record the sale of goods on account.

GL1601 - Based on Problem 16-1A LO P1, P2, P3, P4 Smith 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: Raw materials inventory Work in process inventory-Cutting Work in process inventory-Stitching Finished goods inventory Beginning Ending Inventory Inventory $11,000 $11,800 53,500 52,000 73,300 65,500 30,100 10,250 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 $ 30,000 22,000 Direct labor Direct labor-Cutting Direct labor-Stitching Total factory payroll paid (in cash) $ 16,100 64,400 135, 700 Factory Overhead (Actual costs) Indirect materials used Indirect labor used Other overhead costs $ 7,200 55,200 48,000 Direct labor Direct labor-Cutting Direct labor-Stitching Total factory payroll paid (in cash) $ 16,100 64,400 135,700 Factory Overhead (Actual costs) Indirect materials used Indirect labor used Other overhead costs $ 7,200 55,200 48,000 Factory Overhead Rates Cutting (150% of direct materials used) Stitching (120% of direct labor used) Sales $296,000 Cost of Cost of General General Raw Requirement Trial Balance Cost of Goods Mfg Goods Mfg G Journal Materials Ledger Gross Profit Goods Sold oss Cutting Stitching General Journal tab - Prepare journal entries to record the transactions of Smith 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 Smith Company for the month of May. Cost of Goods Sold tab - Prepare a schedule of cost of goods sold for Smith Company for the month of May. Gross Profit tab - Calculate the gross profit on sales for May. General Journal > 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 Prepare journal entries for the month of May's transactions. View transaction list Journal entry worksheet a. Record the purchase of materials (on credit). Note: Enter debits before credits. Date Account Title Credit Debit 30,000 May 31 Raw materials inventory Accounts payable 30,000 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 Mfg Goods Sold Gross Profit Stitching Dates: Apr 30 - to: Apr 30 General Ledger Account Cash Debit No. Accounts recevable Debit Credit Date Apr 29 Credit Balance Date Apr 30 210,000 Balance 12,000 Raw materials inventory Work in process inventory-Stitching Date Debit Credit Debit Credit Date Apr 29 May 31 Balance 11,000 41,000 Balance 73,300 30.000 Finished goods inventory Work in process inventory-Cutting Date Debit Credit No Date Debit Credit Balance No. Balance 53,500 Apr 29 30,100 Factory Equipment Accumulated depreciation - Factory equipment Debit Credit Debit Credit Date Apr 29 Balance 30 000 Date Apr 29 Balance 6,000 Accounts payable Debit Credit Date Apr 30 May 31 Date Common stock, $5 par value Debit Credit Apr 29 Balance 71,800 101,800 Balance 32.000 30,000 Pald-in capital in excess of par - Common Date Debit Credit Apr 30 Retained earnings Debit Credit No. Date Balance 26,000 Balance 284,100 Apr 30 (General Journal Trial Balance > Requirement General Journal General Ledger Trial Balance Raw Materials Cost of Goods Mfg Cutting Cost of Gross Profit Cost of Goods Mig Goods Sold Stitching Dates: May 31 to: Apr 30 General Ledger Account Cash No. No. Date Debit Debit Credit Credite Accounts receivable Debit Credit Date Apr 29 Balance Balance No Date Date Apr 30 Debit Balance Credit Balanc 210,000 12.000 Raw materials inventory Debit Credit Work in process inventory-Stitching Date Debit Credit Balance Date Apr 29 May 31 Balance 11,000 73300 30,000 41,000 Finished goods Inventory Debit Credit Work in process inventory-Cutting Debit Credit No. Balance Date Date Apr 29 Balance 53,500 30.100 Factory Equipment Debit Credit Date Apr 29 No. Accumulated depreciation - Factory equipment Date Debit Credit Balance Apr 29 Balance 30,000 Accounts payable Debit Credit Common stock, 55 par value Debit Credit Balance Balance Apr 29 32,000 Date Apr 30 May 31 30.000 101,800 Retained earnings Debit Credit No. Pald-In capital in excess of par. Common Date Debit Credit Apr 30 Date Apr 30 Balance 284,100 26.000 Requirement General Journal General Ledger Trial Balance Raw Materials Cost of Goods Mfg Cutting Cost of Goods Mfg Cost of Stitching Goods Sold Gross Profit Dates: Apr 30 to: Apr 30 Smith Company Trial Balance April 30, 2018 Account Title Credit credit Cash $ Debit 210,000 12,000 41,000 73,300 30,100 53,500 30,000 . - - Accounts receivable Raw materials inventory Work in process inventory-Stitching Finished goods inventory Work in process inventory-Cutting Factory Equipment Accumulated depreciation - Factory equipment * Accounts payable Common stock, $5 par value Paid-in capital in excess of par - Common Retained earnings Total 6,000 101,800 32,000 26,000 284,100 449,900 $ 449,900 $ Requirement General Journal General Ledger Trial Balance Raw Materials Cost of Goods Mfg Cutting Cost of Goods Mfg Cost of Stitching Goods Sold Gross Profit Dates: Apr 30 to: May 31 Smith Company Trial Balance April 30, 2018 Credit ELL $ 2 EL Account Cash - Accounts receivable Raw materials inventory Work in process inventory-Stitching Finished goods inventory Work in process inventory-Cutting Factory Equipment Accumulated depreciation - Factory equipment Accounts payable Common stock, $5 par value Paid-in capital in excess of par - Common Retained earnings Total Debit 210,000 12,000 41,000 73,300 30,100 53,500 30,000 6,000 101,800 32,000 26,000 284.100 449,900 449,900 $ General Requirement General Cost of Cost of Raw Cost of Journal Ledger Trial Balance Materials Goods Mfg Goods Mfg Cutting Stitching Goods Sold Gross Profit 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 Gross Profit General General Trial Balon Cost of Raw Cost of Cost of Requirement Trial Balance Journal Ledger Materials Goods Mfg Goods Mfg Goods Sold Cutting Stitching Prepare a schedule of cost of goods manufactured for Smith Company for the month of May. Dates: Apr 30 to: May 31 Apr 30 Apr 30 Apr 30 Apr 30 May 31 Apr 30 May 31 Apr 30 Total manufacturing costs added during May Total cost of work in process Requirement Journal General General Cost of Raw Cost of Trial Balance Cost of Ledger Materials Goods Mfg Goods Mfg Cutting Stitching Goods Sold Gross Profit Prepare a schedule of cost of goods manufactured for Smith Company for the month of May. Dates: Apr 30 to: May 31 Apr 30 Apr 30 May 31 Apr 30 1 Apr 30 May 31 | Apr 30 Apr 30 Total manufacturing costs added during May Total cost of work in process Requirement General Journal Cost of General Ledger Trial Balance Raw Materials Cost of Cost of Goods Mfg Goods Mfg G Cutting Stitching Goods Sold Gross Profit 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: May 31 - Calculate cost of goods sold: Apr 30 - Apr 30 Apr 30 May 31 Apr 30 Cost of goods available for sale Apr 30 May 31 Apr 30 Cost of goods sold General General Cost of Raw Cost of Requirement Journal Ledger Trial Balance Materials Goods Mfg Goods Mfg Cutting Stitching Calculate the value of gross profit for the month of May. Cost of Goods Sold . Gross Profit Dates: Apr 30 to: May 31 Gross Profit Apr 30 Apr 30 May 31 Apr 30 Apr 30 Apr 30 May 31 Apr 30 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 Prepare journal entries for the month of May's transactions. View transaction list Journal entry worksheet a. Record the purchase of materials (on credit). Note: Enter debits before credits. Date Account Title Credit Debit 30,000 May 31 Raw materials inventory Accounts payable 30,000 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 Mfg Goods Sold Gross Profit Stitching Dates: Apr 30 - to: Apr 30 General Ledger Account Cash Debit No. Accounts recevable Debit Credit Date Apr 29 Credit Balance Date Apr 30 210,000 Balance 12,000 Raw materials inventory Work in process inventory-Stitching Date Debit Credit Debit Credit Date Apr 29 May 31 Balance 11,000 41,000 Balance 73,300 30.000 Finished goods inventory Work in process inventory-Cutting Date Debit Credit No Date Debit Credit Balance No. Balance 53,500 Apr 29 30,100 Factory Equipment Accumulated depreciation - Factory equipment Debit Credit Debit Credit Date Apr 29 Balance 30 000 Date Apr 29 Balance 6,000 Accounts payable Debit Credit Date Apr 30 May 31 Date Common stock, $5 par value Debit Credit Apr 29 Balance 71,800 101,800 Balance 32.000 30,000 Pald-in capital in excess of par - Common Date Debit Credit Apr 30 Retained earnings Debit Credit No. Date Balance 26,000 Balance 284,100 Apr 30 (General Journal Trial Balance > Requirement General Journal General Ledger Trial Balance Raw Materials Cost of Goods Mfg Cutting Cost of Gross Profit Cost of Goods Mig Goods Sold Stitching Dates: May 31 to: Apr 30 General Ledger Account Cash No. No. Date Debit Debit Credit Credite Accounts receivable Debit Credit Date Apr 29 Balance Balance No Date Date Apr 30 Debit Balance Credit Balanc 210,000 12.000 Raw materials inventory Debit Credit Work in process inventory-Stitching Date Debit Credit Balance Date Apr 29 May 31 Balance 11,000 73300 30,000 41,000 Finished goods Inventory Debit Credit Work in process inventory-Cutting Debit Credit No. Balance Date Date Apr 29 Balance 53,500 30.100 Factory Equipment Debit Credit Date Apr 29 No. Accumulated depreciation - Factory equipment Date Debit Credit Balance Apr 29 Balance 30,000 Accounts payable Debit Credit Common stock, 55 par value Debit Credit Balance Balance Apr 29 32,000 Date Apr 30 May 31 30.000 101,800 Retained earnings Debit Credit No. Pald-In capital in excess of par. Common Date Debit Credit Apr 30 Date Apr 30 Balance 284,100 26.000 Requirement General Journal General Ledger Trial Balance Raw Materials Cost of Goods Mfg Cutting Cost of Goods Mfg Cost of Stitching Goods Sold Gross Profit Dates: Apr 30 to: Apr 30 Smith Company Trial Balance April 30, 2018 Account Title Credit credit Cash $ Debit 210,000 12,000 41,000 73,300 30,100 53,500 30,000 . - - Accounts receivable Raw materials inventory Work in process inventory-Stitching Finished goods inventory Work in process inventory-Cutting Factory Equipment Accumulated depreciation - Factory equipment * Accounts payable Common stock, $5 par value Paid-in capital in excess of par - Common Retained earnings Total 6,000 101,800 32,000 26,000 284,100 449,900 $ 449,900 $ Requirement General Journal General Ledger Trial Balance Raw Materials Cost of Goods Mfg Cutting Cost of Goods Mfg Cost of Stitching Goods Sold Gross Profit Dates: Apr 30 to: May 31 Smith Company Trial Balance April 30, 2018 Credit ELL $ 2 EL Account Cash - Accounts receivable Raw materials inventory Work in process inventory-Stitching Finished goods inventory Work in process inventory-Cutting Factory Equipment Accumulated depreciation - Factory equipment Accounts payable Common stock, $5 par value Paid-in capital in excess of par - Common Retained earnings Total Debit 210,000 12,000 41,000 73,300 30,100 53,500 30,000 6,000 101,800 32,000 26,000 284.100 449,900 449,900 $ General Requirement General Cost of Cost of Raw Cost of Journal Ledger Trial Balance Materials Goods Mfg Goods Mfg Cutting Stitching Goods Sold Gross Profit 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 Gross Profit General General Trial Balon Cost of Raw Cost of Cost of Requirement Trial Balance Journal Ledger Materials Goods Mfg Goods Mfg Goods Sold Cutting Stitching Prepare a schedule of cost of goods manufactured for Smith Company for the month of May. Dates: Apr 30 to: May 31 Apr 30 Apr 30 Apr 30 Apr 30 May 31 Apr 30 May 31 Apr 30 Total manufacturing costs added during May Total cost of work in process Requirement Journal General General Cost of Raw Cost of Trial Balance Cost of Ledger Materials Goods Mfg Goods Mfg Cutting Stitching Goods Sold Gross Profit Prepare a schedule of cost of goods manufactured for Smith Company for the month of May. Dates: Apr 30 to: May 31 Apr 30 Apr 30 May 31 Apr 30 1 Apr 30 May 31 | Apr 30 Apr 30 Total manufacturing costs added during May Total cost of work in process Requirement General Journal Cost of General Ledger Trial Balance Raw Materials Cost of Cost of Goods Mfg Goods Mfg G Cutting Stitching Goods Sold Gross Profit 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: May 31 - Calculate cost of goods sold: Apr 30 - Apr 30 Apr 30 May 31 Apr 30 Cost of goods available for sale Apr 30 May 31 Apr 30 Cost of goods sold General General Cost of Raw Cost of Requirement Journal Ledger Trial Balance Materials Goods Mfg Goods Mfg Cutting Stitching Calculate the value of gross profit for the month of May. Cost of Goods Sold . Gross Profit Dates: Apr 30 to: May 31 Gross Profit Apr 30 Apr 30 May 31 Apr 30 Apr 30 Apr 30 May 31 Apr 30