GLO301 - Based on Problem 03-1A LO P1, P2, P3, P4 Jones 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 $16,800 $17,950 63,500 52,500 83,3ee 70,500 40,100 12,250 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 $ 35,eee 22,250 Direct labor Direct labor-Cutting Direct labor-Stitching Total factory payroll paid (in cash) $ 16,600 66,400 138,480 Factory Overhead (Actual costs) Indirect materials used Indirect labor used Other overhead costs $ 10,800 55,400 49,888 Factory Overhead Rates Cutting (150% of direct materials used) Stitching (120% of direct labor used) Sales $336,000 Cost of Cost of General General Raw Cost of Requirement Ledger Trial Balance Journal Materials Goods Mfg Goods Mfg Gross Profit Cutting Stitching Goods Sold General Journal tab - Prepare journal entries to record the transactions of Jones 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 Jones Company for the month of May. Cost of Goods Sold tab - Prepare a schedule of cost of goods sold for Jones Company for the month of May. Gross Profit tab - Calculate the gross profit on sales for May. No Date Account Title Debit Credit 1 May 31 Raw materials inventory Accounts payable 2 May 31 Work in process inventory-Cutting Raw materials inventory 3 May 31 Factory overhead Raw materials inventory 4 May 31 Work in process inventory-Cutting Work in process inventory-Stitching Factory wages payable 5 May 31 Factory overhead Factory wages payable 8 May 31 Factory wages payable Cash 7 May 31 Factory overhead Other accounts 8 May 31 Work in process inventory-Cutting Work in process inventory-Stitching Factory overhead 9 May 31 Work in process inventory-Stitching Work in process inventory-Cutting 10 May 31 Finished goods inventory Work in process inventoryStitching 11 May 31 Cost of goods sold Finished goods inventory 12 May 31 Accounts receivable Sales Gross Profit Cost of General General Cost of Raw Cost of Requirement Trial Balance Journal Ledger Goods Mfg Goods Mfg Materials Goods Sold Cutting Stitching Prepare a schedule of cost of goods manufactured for Jones Company for the month of May. Dates: Apr 30 to: Apr 30 Direct labor used Direct materials used Factory overhead applied Total manufacturing costs added during May Add: Beginning work in process inventory Total cost of work in process Less: Ending work in process inventory Direct materials used Factory overhead applied Transferred-in from Cutting Direct labor used CON Total manufacturing costs added during May Add: Beginning work in process inventory Total cost of work in process Less: Ending work in process inventory Calculate cost of goods sold: Beginning finished goods inventory Cost of goods available for sale Ending finished goods inventory Cost of goods sold Dates: Apr 30 to: Apr 30 Gross Profit Sales Cost of goods sold Gross profit 0 GLO301 - Based on Problem 03-1A LO P1, P2, P3, P4 Jones 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 $16,800 $17,950 63,500 52,500 83,3ee 70,500 40,100 12,250 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 $ 35,eee 22,250 Direct labor Direct labor-Cutting Direct labor-Stitching Total factory payroll paid (in cash) $ 16,600 66,400 138,480 Factory Overhead (Actual costs) Indirect materials used Indirect labor used Other overhead costs $ 10,800 55,400 49,888 Factory Overhead Rates Cutting (150% of direct materials used) Stitching (120% of direct labor used) Sales $336,000 Cost of Cost of General General Raw Cost of Requirement Ledger Trial Balance Journal Materials Goods Mfg Goods Mfg Gross Profit Cutting Stitching Goods Sold General Journal tab - Prepare journal entries to record the transactions of Jones 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 Jones Company for the month of May. Cost of Goods Sold tab - Prepare a schedule of cost of goods sold for Jones Company for the month of May. Gross Profit tab - Calculate the gross profit on sales for May. No Date Account Title Debit Credit 1 May 31 Raw materials inventory Accounts payable 2 May 31 Work in process inventory-Cutting Raw materials inventory 3 May 31 Factory overhead Raw materials inventory 4 May 31 Work in process inventory-Cutting Work in process inventory-Stitching Factory wages payable 5 May 31 Factory overhead Factory wages payable 8 May 31 Factory wages payable Cash 7 May 31 Factory overhead Other accounts 8 May 31 Work in process inventory-Cutting Work in process inventory-Stitching Factory overhead 9 May 31 Work in process inventory-Stitching Work in process inventory-Cutting 10 May 31 Finished goods inventory Work in process inventoryStitching 11 May 31 Cost of goods sold Finished goods inventory 12 May 31 Accounts receivable Sales Gross Profit Cost of General General Cost of Raw Cost of Requirement Trial Balance Journal Ledger Goods Mfg Goods Mfg Materials Goods Sold Cutting Stitching Prepare a schedule of cost of goods manufactured for Jones Company for the month of May. Dates: Apr 30 to: Apr 30 Direct labor used Direct materials used Factory overhead applied Total manufacturing costs added during May Add: Beginning work in process inventory Total cost of work in process Less: Ending work in process inventory Direct materials used Factory overhead applied Transferred-in from Cutting Direct labor used CON Total manufacturing costs added during May Add: Beginning work in process inventory Total cost of work in process Less: Ending work in process inventory Calculate cost of goods sold: Beginning finished goods inventory Cost of goods available for sale Ending finished goods inventory Cost of goods sold Dates: Apr 30 to: Apr 30 Gross Profit Sales Cost of goods sold Gross profit 0