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Managerial Term Problem Major League Bat Company manufactures baseball bats. In addition to its goods in process inventories, the company maintains inventories of raw materials and finished 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 direct labor and factory overhead are applied uniformly throughout the production process and the company uses a perpetual inventory system). Required: You are to maintain records and produce measures of inventories to reflect the July events of this company. Set up the following general ledger accounts and enter the June 30 balances: Cash Raw Materials Inventory Wook in Process Inventory $ 2,750 of direct materials 3,500 of conversion costs Finished Goods Inventory Capital, Major League Bat Company Sales Cost of Goods Sold Factory Payroll Factory Overhead $ 425,000 32,000 6,250 145,000 608,250 - 1. Prepare journal entries to record the following July transactions and events. a. Purchased raw materials for $ 147,000 cash. b. Used raw materials as follows: direct materials, $ 117,250 ; and indirect materials, $ 29,000 . c. Incurred factory payroll cost of $ 152,800 paid in cash (ignore taxes). d. Assigned factory payroll costs as follows: direct labor, $ 134,000 ; and indirect labor, $ 18,800 . e. Incurred additional factory overhead costs of $ 52,775 paid in cash. f. Allocated factory overhead to production at 75% 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 your cost per EUP answers to 2 decimal places for "Cost per EUP" and "Cost assignment and reconciliation". Units Beginning Inventory Started Ending Inventory Beginning Inventory Materials - Percent complete Conversion Costs - Percent complete Ending Inventory Materials - Percent complete Conversion Costs - Percent complete 6,000 units 14,000 units 5,000 units 100% 90% 100% 40% 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 $ 275,000 for $ 550,000 in cash. i. Application any underapplied or overapplied overhead. Prepare a Manufacturing Statement for Major League Bat Company. For the Factory Overhead costs, just use one line and call it "Applied Factory Overhead." Assume the company is using absorption costing. Prepare a partial Income Statement just down to the Gross profit. The statement should show the Sales, detailed Cost of Good Sold, and the Gross Profit. Accounting 2 Term Problem Name General Journal - Page 1 General Journal Date Account Titles and Explanation PR Debit Credit Name Accounting 2 Term Problem Process Cost - Page 1 MAJOR LEAGUE BAT CO Process Cost Summary (Weighted-Average Method) For Month Ending July 31 Costs Charged to production Costs of beginning goods in process inventory Direct materials Conversion Costs Costs incurred this period Direct materials Conversion Costs Total costs to accounted for Unit cost information Units to account for Beginning goods in process Units started this period Total units to account for Units accounted for Completed and transferred out Ending goods in process Total units accounted for Direct Material Equivalent units of production (EUP) Units completed and transferred out Units of the ending good in process Direct materials Converson Costs Equivalent units of production Cost per EUP Cost of beginning goods in process Costs incurred this period Total costs Equivalent units of production Cost per EPU Conversion Costs EUP x x EUP EUP EUP EUP EUP Direct Material EUP / EUP Conversion Costs EUP / EUP Accounting 2 Term Problem Name Process Cost - Page 2 Cost Assignment and Reconciliation Cost transferred out (cost of goods manufactured) Direct materials EUP x Conversion Costs EUP x Costs of ending goods in process Direct materials EUP x Conversion Costs EUP x Total costs accounted for / EUP / EUP / EUP / EUP General Journal - Page 3 Date General Journal Account Titles and Explanation PR Debit Credit Name Accounting 2 Term Problem General Ledger - Page 1 General Ledger Cash Date Raw Materials Inventory Date Work in Process Inventory Date Finished Goods Inventory Date Explanation Explanation Explanation Explanation Capital, Major League Bat Company Date Explanation PR PR PR PR PR Debit Debit Debit Debit Debit Credit Credit Credit Credit Credit No. 101 Balance No. 132 Balance No. 133 Balance No. 135 Balance No. 135 Balance - Name Accounting 2 Term Problem General Ledger - Page 2 General Ledger Sales Date Cost of Goods Sold Date Factory Payroll Date Factory Overhead Date Explanation Explanation Explanation Explanation PR PR PR PR Debit Debit Debit Debit Credit Credit Credit Credit No. 413 Balance No. 502 Balance No. 530 Balance No. 540 Balance - Name Accounting 2 Term Problem Manufacturing Statement and Gross Profit MAJOR LEAGUE BAT CO Schedule of Cost of Goods Manufactured For the Month of July Direct Materials Raw Materials, June 30 Raw Materials Purchased Raw Materials Available for Use Less Indirect Materials Less Raw materials Inventory, July 31 Direct Materials Used Direct Labor Applied Factory Overhead Total Manufacturing Costs Work in Process Inventory, June 30 Total Cost of Work in Process Less Work in Process Inventory, July 31 Cost of Goods Manufactured MAJOR LEAGUE BAT CO Gross Profit For the Month of July Sales Cost of Goods Sold Finished Goods Inventory, June 30 Cost of Goods Manufactured Goods Available for Sale Less Finished Goods Inventory, July 31 Unadjusted Cost of Goods Sold Under/(Over) Applied Overhead Adjusted Cost of Goods Sold Gross Profit Accounting 2 Term Problem Name Nelly Rios General Journal - Page 1 General Journal Date a Account Titles and Explanation Raw Material Inventory PR Debit 147,000 147,000 Cash b Work in process inventory Factory overhead 117,250 29,000 146,250 Raw materials inventory c Factory Payroll 152,800 152,800 Cash d Work in Process Inventory Factory overhead 134,000 18,800 152,800 Factory Payroll e Factory Overhead 52,775 52,775 Cash f Work In Process Inventory 100,500 100,500 Factory Overhead g Credit Finished Goods Inventory Work in process inventory h Cash Sales i Cost of goods sold Finished goods inventory j 550,000 550,000 Name Accounting 2 Term Problem Nelly Rios Process Cost - Page 1 MAJOR LEAGUE BAT CO Process Cost Summary (Weighted-Average Method) For Month Ending July 31 Costs Charged to production Costs of beginning goods in process inventory Direct materials Conversion Costs Costs incurred this period Direct materials Conversion Costs Total costs to accounted for $ 2,750 3,500 117,250 100,500 $ 224,000 Unit cost information Units to account for Beginning goods in process Units started this period Total units to account for 6,000 14,000 20,000 Cost per EUP Cost of beginning goods in process Costs incurred this period Total costs Equivalent units of production Cost per EPU 15,000 5,000 20,000 Direct Material Equivalent units of production (EUP) Units completed and transferred out Units of the ending good in process Direct materials Converson Costs Equivalent units of production Units accounted for Completed and transferred out Ending goods in process Total units accounted for 15,000 x x 100% 40% Conversion Costs EUP EUP 5,000 EUP EUP EUP EUP Direct Material EUP / EUP Conversion Costs EUP / EUP Accounting 2 Term Problem Name Process Cost - Page 2 Cost Assignment and Reconciliation Cost transferred out (cost of goods manufactured) Direct materials EUP x Conversion Costs EUP x Costs of ending goods in process Direct materials EUP x Conversion Costs EUP x Total costs accounted for / EUP / EUP / EUP / EUP General Journal - Page 3 Date General Journal Account Titles and Explanation PR Debit Credit Name Nelly Rios Accounting 2 Term Problem General Ledger - Page 1 General Ledger Cash Date a c e Explanation Purchased raw materials Factory payroll costs Factory overhead costs Raw Materials Inventory Date Explanation a Purchased raw materials b Used raw materials PR PR GJ1 GJ1 Debit Debit 147,000 Credit 147,000 152,800 52,775 No. 101 Balance 147,000 152,800 52,775 352,575 Credit No. 132 Balance 147,000 146,250 750 Work in Process Inventory Date Explanation b Used raw materials d Factory payroll costs f Allocated factory overhead PR GJ1 GJ1 GJ1 Debit 117,250 134,000 100,500 Credit No. 133 Balance 117,250 251,250 100,500 469,000 Finished Goods Inventory Date Explanation Capital, Major League Bat Company Date Explanation balance PR PR Debit Debit Credit Credit 608,250 No. 135 Balance No. 135 Balance - Name Nelly Rios Accounting 2 Term Problem General Ledger - Page 2 General Ledger Sales Date Cost of Goods Sold Date Explanation Explanation Factory Payroll Date Explanation c factory payroll costs d Assigned factory payroll PR GJ1 PR PR GJ1 GJ1 Debit Debit Debit 152,800 Credit Credit Credit No. 413 Balance No. 502 Balance No. 530 Balance 152,800 152,800 - Factory Overhead Date Explanation b Used raw materials d Assigned factory payroll e Factory overhead costs f Factory overhead PR GJ1 GJ1 GJ1 GJ1 Debit 29,000 18,800 52,775 Credit 100,500 No. 540 Balance 29,000 47,800 100,575 75 75 Name Accounting 2 Term Problem Nelly Rios Manufacturing Statement and Gross Profit MAJOR LEAGUE BAT CO Schedule of Cost of Goods Manufactured For the Month of July Direct Materials Raw Materials, June 30 Raw Materials Purchased Raw Materials Available for Use Less Indirect Materials Less Raw materials Inventory, July 31 Direct Materials Used Direct Labor Applied Factory Overhead Total Manufacturing Costs Work in Process Inventory, June 30 Total Cost of Work in Process Less Work in Process Inventory, July 31 Cost of Goods Manufactured $ 32,000 147,000 179,000 (29,000) (179,000) 117,250 134,000 100,500 234,500 6,250 MAJOR LEAGUE BAT CO Gross Profit For the Month of July Sales Cost of Goods Sold Finished Goods Inventory, June 30 Cost of Goods Manufactured Goods Available for Sale Less Finished Goods Inventory, July 31 Unadjusted Cost of Goods Sold Under/(Over) Applied Overhead Adjusted Cost of Goods Sold Gross Profit $ 550,000 $ 145,000