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I am so stuck on this homework problem. Please help! No Date General Journal Debit Credit 1 May 31 65,000 Raw materials inventory Accounts payable
I am so stuck on this homework problem. Please help!
No Date General Journal Debit Credit 1 May 31 65,000 Raw materials inventory Accounts payable 65,000 2 May 31 123,500 x Work in process inventory-Cutting Raw materials inventory lo 123,500 x 3 May 31 144,000 x Factory overhead Raw materials inventory 144,000 X 4 May 31 Work in process inventory-Cutting Work in process inventory-Stitching Factory wages payable 19,600 78,400 154,600 X 5 May 31. Factory overhead 144,000 X Factory wages payable 144,000 X 6 May 31 154,600 Factory wages payable Cash 00 154,600 7 May 31 Factory overhead 144,000 X Other accounts 144,000 X 8 May 31 Work in process inventory-Cutting 35,625 94,080 Work in process inventory-Stitching Factory overhead 129,705 9 May 31 Work in process inventoryStitching Work in process inventory-Cutting 10 May 31 Finished goods inventory Oooooo Work in process inventory-Stitching 11 May 31 Cost of goods sold Finished goods inventory 12 May 31 576,000 Accounts receivable Sales 576,000 Work in process inventory-Cutting Work in process inventory-Stitching Finished goods inventory Beginning Ending Inventory Inventory 123,500 100,500 143,300 85,300 36,100 24,250 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 $ 65,000 23,750 0 Direct labor Direct labor-Cutting Direct labor-Stitching Total factory payroll paid (in cash) $ 19,600 78,400 154,600 Factory Overhead (Actual costs) Indirect materials used Indirect labor used Other overhead costs $ 32,400 56,600 55,000 Factory Overhead Rates Cutting (150% of direct materials used) Stitching (120% of direct labor used) Sales $576,000 WIP - April 30 Direct materials - Cutting Direct labor - Cutting Overhead - Cutting WIP - May 31 Work in Process (WIP) - Cutting 123,500 C of GM - Cutting 23,750 19,600 35,625 202,475 Work in Process (WIP) - Stitching 143,300 C of GM - Stitching WIP - April 30 C of GM - Cutting Direct labor - Stitching Overhead - Stitching WIP - May 31 78,400 94,080 315,780 Finished Goods (FG) 36,100 Cost of goods sold FG - April 30 C of GM - Stitching FG - May 31 36,100 2. Prepare summary journal entries dated May 31 to record the following production activities during May: (a) raw materials purchases, (b) direct materials usage, (c) indirect materials usage, (d) direct labor costs incurred, (e) indirect labor costs incurred, (f) payment of factory payroll, (g) other overhead costs, (credit Other Accounts), (h) overhead applied, (i) goods transferred from Cutting to Stitching, (i) goods transferred from Stitching to finished goods, (k) cost of goods sold, and (1) salesStep by Step Solution
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