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

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. Direet 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 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 Cost of Requirement Goods Mfg Goods Mtg Goods Sold Trial Balance w Gross Profit Journal Ledger Materials Cutting Stitching Prepare a schedule of cost of goods manufactured for Smith Company for the month of May. Dates: Apr 30 to: Apr 30 Du 2 7 H Nevt Trial Balance Materials General General Raw Cost of Cost of Cost of Requirement Journal Ledger Goods Mfg Goods Mfg 9 Goods Sold Cross Gross Profit Cutting Stitching Prepare a schedule of cost of goods manufactured for Smith Company for the month of May. Dates: Apr 30 to: Apr 30 $ Raw materials purchased Direct labor used Factory overhead applied 22,000 16,100 $ Total manufacturing costs added during May Add: Beginning work in process inventory Total cost of work in process Less: Beginning work in process inventory Cost of goods manufactured 38,100 53,500 91,600 52,000 39,600 $ Goods Sold Gross Profit Cost of Cost of General General Raw Cost of Requirement Journal Goods Mfg Goods Mfg Ledger Trial Balance Materials Cutting Stitching Prepare a schedule of cost of goods manufactured for Smith Company 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 Cost of General General Raw Cost of Requirement Trial Balance Materials Goods Mfg Goods Mfg Gross Profit Goods Sold 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