Kelley Company manufactures woven blankets and accounts for product costs using process costing. The company uses a single processing department. The following information is available regarding its May Inventories. Raw materials inventory Work in process inventory Pinished goods inventory Beginning Ending Inventory Inventory $110,000 $116,000 535,000 565,000 733,000 660,000 The following additional information describes the company's production activities for May. $ 320,000 1,610,000 245,000 Raw materials purchases (on eredit) Factory wages cost paid in canh) Other overhead coat (other Account credited) Materials used Direct Indirect Labor wed Direct Sudirect Overhead rate as a percent of direct labor sales con credit) $ 260,000 54,000 $830,000 780,000 130 $2,650,000 Requirement General Journal General Ledger Trial Balance Raw Materials Cost of Goods Cost of Goods Sold Mlg Gross Profit General Journal tab - Prepare journal entries to record the transactions of Kelley Company during the month of May. Cost of Materials Used tab - Calculate the total cost of direct materials used in production during May Cost of Goods Manufactured tab. Prepare a schedule of cost of goods manufactured for Kelley Company for the month of May Cost of Goods Sold tab. Prepare a schedule of cost of goods sold for Kelley Company for the month of May. Gross Profit tab - Calculate the gross profit on sales for May, General Journal > Kelley Company manufactures woven blankets and accounts for product costs using process costing. The company uses a single processing department. The following information is available regarding its May Inventories. Raw materials inventory Work in process inventory Pinished goods inventory Beginning Ending Inventory Inventory $110,000 $116,000 535,000 565,000 733,000 660,000 The following additional information describes the company's production activities for May. $ 320,000 1,610,000 245,000 Raw materials purchases (on eredit) Factory wages cost paid in canh) Other overhead coat (other Account credited) Materials used Direct Indirect Labor wed Direct Sudirect Overhead rate as a percent of direct labor sales con credit) $ 260,000 54,000 $830,000 780,000 130 $2,650,000 Requirement General Journal General Ledger Trial Balance Raw Materials Cost of Goods Cost of Goods Sold Mlg Gross Profit General Journal tab - Prepare journal entries to record the transactions of Kelley Company during the month of May. Cost of Materials Used tab - Calculate the total cost of direct materials used in production during May Cost of Goods Manufactured tab. Prepare a schedule of cost of goods manufactured for Kelley Company for the month of May Cost of Goods Sold tab. Prepare a schedule of cost of goods sold for Kelley Company for the month of May. Gross Profit tab - Calculate the gross profit on sales for May, General Journal >
