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I am having a hard time figuring up the totals. Could someone help and show your work so I can take notes for future use?
I am having a hard time figuring up the totals. Could someone help and show your work so I can take notes for future use?
Return to question 1 Part 1 of 2 Required Information Problem 03-1A Production cost flow and measurement; journal entries LO P1, P2, P3, P4 [The following information applies to the questions displayed below.] Sierra 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: 33.33 points Work in process inventory-Cutting Work in process inventory-Stitching Finished goods inventory Beginning Inventory 143,500 163, 380 40, 180 Ending Inventory 118,500 91,500 28,250 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 $ 75, eee 24, 250 Direct labor Direct labor-Cutting Direct labor-Stitching Total factory payroll paid (in cash) $ 20,6ee 82,480 160, 280 Factory Overhead (Actual costs) Indirect materials used Indirect labor used Other overhead costs $ 39,689 57, eee 57, eee Factory Overhead Rates Cutting (150% of direct materials used) Stitching (120% of direct labor used) Sales $656, 080 Problem 03-1A Part 1 Problem 03-1A Part 1 Required: 1. Compute the amount of (a) production costs transferred from Cutting to Stitching, (b) production costs transferred from Stitching to finished goods, and (c) cost of goods sold. Answer is not complete. Work in Process (WIP) - Cutting 143,500 C of GM - Cutting 20,600 WIP - April 30 Direct labor - Cutting Direct materials - Cutting Overhead - Cutting WIP - May 31 24,250 36,375 224,725 Work in Process (WIP) - Stitching 163,300 C of GM - Stitching 82,400 > WIP - April 30 Direct labor - Stitching C of GM - Cutting Overhead - Stitching WIP - May 31 98.880 344,580 Finished Goods (FG) 40,100 Cost of goods sold FG - April 30 C of GM - Stitching FG - May 31 40,100
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