I need your help to utilizing the information presented in the problem and completed the Process Cost Summary worksheet. Attached worksheet is required for this assignment and I need your help to understand.

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.

This is problem question:

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: Raw Materials Inventory, $25,000; Goods in Process Inventory, $8,135 ($2,660 of direct materials, $3,650 of direct labor, and $1,825 of overhead); Finished Goods Inventory, $110,000; Sales, $0; Cost of Goods Sold, $0; Factory Payroll, $0; and Factory Overhead, $0.

1. Prepare journal entries to record the following July transactions and events. (Omit the "$" sign in your response.)

a. Purchased raw materials for $125,000 cash (the company uses a perpetual inventory system).

b. Used raw materials as follows: direct materials, $52,440; and indirect materials, $10,000.

c. Incurred factory payroll cost of $227,250 paid in cash (ignore tax).

d. Assigned factory payroll costs as follows: direct labor, $202,250; and indirect labor, $25,000.

e. Incurred additional factory overhead costs of $80,000 paid in cash.

f. Allocated 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 make a process cost summary, assuming the weighted-average method is used.

3. 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 (label this entry g).

h. Sale of finished goods costing $265,700 for $625,000 in cash (label this entry h).

4. Post entries from parts 1 and 3 to the ledger accounts set up at the beginning of the problem.

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. Ignore the corresponding journal entry.)

AutoSave . Off B ~ Chapter 20 Graded Assignment Onlne Spring 2020 - Excel Search Seigo Sato SS X File Home Insert Draw Page Layout Formulas Data Review View Help Share Comments Arial v 12 ~ A" A = = ab General Insert E Conditional Format as Cell Ex Delete "APO Paste BIUV - DAY I V $ ~ % 9 08 08 Sort & Find & Ideas Sensitivity Formatting " Table Styles Format Filter > Select Clipboard Font Alignment Number Styles Cells Editing Ideas Sensitivity G5 X v fx A B C D E F G H K M N O P Q R S 21 Units of ending work in process 22 Direct materials 23 Conversion 24 Equivalent units of production 25 26 Cost per EUP Direct Materials Conversion 27 Costs of beginning work in process 28 Costs incurred this period 29 Total costs 30 EUP 31 Cost per EUP 32 33 Cost Assignment and Reconciliation 34 Cost transferred out (cost of goods manufactured) 35 Direct materials 36 Conversion 37 Costs of ending work in process 38 Direct materials 39 Conversion 40 Total costs accounted for Instructions Worksheet + Ready - - + 100% Type here to search W X ? ENG 9:12 PM 4/11/2020