GLO301. Based on Problem 3.5A (Algo) LO P3, P4 Rynn Company manufactures soccer balls in two sequential processes Cutting and Sunching. Al direct materials entor production at the beginning of the Cutting process. The following information is available regarding its May inventories Beginning INING Inventory Inventory Raw materials inventory $ 46,000 $ 54,850 Work in process inventory Cutting 123,500 35,500 Work in process inventory-stitching 143,100 100, 500 Finished goods inventory 100,100 24,250 The following additional information describes the company's production activities for May Det er Raw waterials purchased on credit $65.000 Direct sterials used-cutting 23,750 Direct Materials used-stitching Direct labor Direct labor-cutting Direct labor-stitching $ 19,600 78.400 Factory Overhead ( Acosts) Indirect materials used Indirect labor used Other overhead costs $ 32,400 56,680 55,600 Factory Overhead Rates Cutting stitching (1sex of direct materials used) (120 of direct labore Sales 5576,00 Cost of Cost of Geral Requirement General Raw Costa Journal Trial Balance Materials Goods MyGoods Mo Ledger Gruss Pro Cutting Goods Bold Sitching General Journal tab - Joumalize the transactions related to Ryan Company's manufacturing of soccer balle, The General Ledger and Tral Balance will be updated based on your entries. Prepare journal entries to record the transactions of Ryan 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 debitor a credit. Total debits should always equal total credits Raw Materials tab Calculate the total cost of direct materials used in production during May Prev 1 or 1 151 Next 3 Answer is not complete. oints Requirement General Tournal General Ledger Trial Balance Raw Materials Cost of Goods Mrg Cutting Cost of Goods Mig Stitching Cost of Goods Sold Gross Profit Prepare journal entries for the month of May's transactions, No Date May 31 Account Title 1 Credit Raw materials inventory Accounts payable Debit 65,000 85,000 2 May 31 Work in process inventory Cutting Raw materials inventory 23.750 O 23.750 3 May 31 10,000 $ 78.400 98,000 8 May 31 Work in process inventory Cutting Work in process inventory Satching Factory overhead 9 May 31 Finished goods inventory Work in process invent-Setching IS 10 May 31 Accounts recevable Sales 0 878.000 578,000 11 May 31 Cost of goods sold Finished goods inventory los mm ---- --- 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 $ 65,000 23,750 Direct labor Direct labor-cutting Direct labor-stitching $ 19,600 78,480 Factory Overhead (Actual costs) Indirect materials used Indirect labor used Other Overhead costs $ 32,400 56,680 55,898 Factory Overhead Rates Cutting Stitching (150% of direct materials used) (120% of direct labor used) Sales $ 576, eea Answer is not complete. Requirement General Journal General Ledger Trial Balance Raw Materials Cost of Goods Mlg Cutting Cost of Goods Mig Stitching Cost of Goods Sold Gross Calculate the value of gross profit for the month of May, Dates: Apr 30 to 570,000 Gross Profit Sales IS Cost of goods sold Gross profit S 678,000 Cost of Goods Sold
