Major League Bat Company manufactures baseball bats. In addition to its work 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 conversion costs are applied uniformly throughout the production process. Required: You are to maintain records and produce measures of inventories to reflect the July events of this company. The June 30 balances: Raw Materials Inventory, $21000, Work in Process Inventory, $10,875 ($2.760 of direct materials and $8,116 of conversion: Finished Goods Inventory, $130,000: Sales, $o; Cost of Goods Sold. $0; Factory Payroll Payable, $o; and Factory Overhead, 50. 1. Prepare journal entries to record the following July transactions and events, a. Purchased raw materials for $125.000 cash (the company uses a perpetual inventory system) b. Used raw materials as follows: direct materials, $46,640; and indirect materials. $11,000. c. Recorded factory payroll payable costs as follows: direct labor, $204,750; and indirect labor. $26.000 d. Paid factory payroll cost of $230,750 with cash (ignore taxes), e. Incurred additional factory overhead costs of $82,000 paid in cash f. Allocated factory overhead to production at 50% of direct labor costs. View transaction list Journal entry worksheet 1 2 3 3 4 5 6 Record the purchase of raw materials for cash. hole! Enter debits before credits Transaction General Journal Debit Credit Record entry Clear entry Vlow general Journal 2. Information about the July inventories follows. Use this information with that from partito prepare a process cost summary assuming the weighted average method is used. (Round "Cost per Up to 2 decimal places) 6.00 15,000 1.000 Beginning inventory started Endine Lustry Beginning inventory Materi tercent complete Conversion-Trent complete din Larry Aristo-rent complete Conversion-Trent complete 1001 758 1001 400 Total costs to account for 5 $ Unit Units to account for: Total units to account for Total unit counted for Total unit counted for quivalent of production (EUP Med avhod Towns Cet of produce Coche EUP Co EUP Cost per EUP Toulou Equivalent of production Cost per unit of production rounded to 2 decima) Te confor Cost of transferred out EUP Direct matus Conversion Total cost red out Costs of ending goods in process EUP Direct materiale Conversion Total cost of aning goods BOOS Talents accord for To Cost per EUP 3 5 3. Using the mis from pat2 and the valable information male computations de jumel entries to record foliowing Total costs wared to the goods for Sale of the goods cost $270.700 for 5635.000 Journal entry worksheet Recore the tradero de todos View Punto 1 and 3 wing generalediger ecco Art 1 100 S. Come of our home and head
