Having some issus with the problems below
Major League Bat Company manufactures baseball bats. In addition to its work in process inventories, the company maintains inventories of raw materials and nished goods. It uses raw materials as direct materials in production and as indirect materials. its factory payroll costs include direct labor for production and indirect labor. All materials are added at the beginning of the process, and conversion costs are applied uniformly throughout the production process. Required: You are to maintain records and produce measures of inventories to reect the July events ofthis company. The June 30 balances: Raw Materials Inventory. $24,000; Work in Process Inventory. $8,560 [$2,910 of direct materials and $5,750 of conversion); Finished Goods Inventory, $150,000; Sales, $0; Cost of Goods Sold, $0; Factory Wages Payable, $0; and Factory lCZIverhead, $0. 1. Prepare journal entries to record the following July transactions and events. a. Purchased raw materials for $140,000 cash [the company uses a perpetual inventory system]. In. Used raw materials as follows: direct materials. $65,240; and indirect materials, $12,500. c. Recorded factory wages payable costs as follows: direct labor, $208,500; and indirect labor, $27,500. cl. Paid factory payroll cost of $235,000 with cash [ignore taxes}. e. Incurred additional factory overhead costs of $85,000 paid in cash. f. Applied factory overhead to production at 50% of direct labor costs. 2. Information about the July inventories follows. Use this information with that from part 1 to prepare a process cost summary, assuming the weighted-average method is used. {Round \"Cost per EUP" to 2 decimal places} Units Beginning inventory 7-", 539 units Started 15,638 units Ending inventory 16,638 units Beginning inventory MaterialsPercent complete 100% ConversionPercent complete T55 E nd ing intnentlnryr MaterialsPercent complete 136% ConversionPercent complete 48% 3. Using the results from pan 2 and the available information, make computations and prepare journal entries to record the following: 9. Total costs transferred to finished goods for July. h. Sale of finished goods costing $278,200 for $650,000 in cash. 4. Post entries from parts 'I and 3 to the following general ledger accounts. 5. Compute the amount of gross profit from the sales in July. {Hint Add any underapplied overhead tor or deduct any overapplied overhead from, the cost of goods sold.) Information about the July inventories follows. Use this information with that from part 1 to prepare a process cost summary, assuming the weighted-average method is used. (Round "Cost per EUP" to 2 decimal places.) Total costs to account for: Total costs to account for: Unit reconciliation: Units to account for: Total units to account for Total units accounted for: Total units accounted for Equivalent units of production (EUP)- weighted average method EUP- Units % Materials EUP- Materials % Labor Conversion Total units Cost per equivalent unit of production Materials Conversion Total costs Costs Costs = Equivalent units of production EUP EUP Cost per equivalent unit of production (rounded to 2 decimals) Total costs accounted for Cost of units transferred out: EUP Cost per EUP Total cost Direct materials Conversion Total costs transferred out Costs of ending goods in process EUP Cost per EUP Total cost Direct materials Conversion Total cost of ending goods in process Total costs accounted forRequired 1 Required 2 Required 3 Required 4 Required 5 Using the results from part 2 and the available information, make computations and prepare journal entries to record the following: g. Total costs transferred to finished goods for July. h. Sale of finished goods costing $278,200 for $650,000 in cash. Show le View transaction list Journal entry worksheet 2 3 V Record the transfer of goods to Finished Goods Inventory. Note: Enter debits before credits. Transaction General journal Debit Credit g. Record entry Clear entry View general journal Post entries from parts 1 and 3 to the following general ledger accounts. Raw Materials Inventory Acct. No. 132 Work in Process Inventory Acct. No. 133 Transactions Debit Credit Balance Transactions Debit Credit Balance June 30 24,000 June 30 3.660 Finished Goods Inventory Acct. No. 135 Factory Wages Payable Acct. No. 212 Transactions Debit Credit Balance Transactions Debit Credit Balance June 30 160,000 Sales Acct. No. 413 Cost of Goods Sold Acct. No. 502 Transactions Debit Credit Balance Transactions Debit Credit Balance Factory Overhead Acct. No. 540 Transactions Debit Credit Balance Required 1 Required 2 Required 3 Required 4 Required 5 Compute the amount of gross profit from the sales in July. (Hint: Add any underapplied overhead to, or deduct any overapplied overhead from, the cost of goods sold.) Gross profit
