Major League Bat Company manufactures baseball bats. In addition to its work in process inventories, the company maintains Inventories of raw mateials and finished goods. It uses raw materials as direct materlals 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, $30,000; Work in Process Inventory, $10,860 ($3,210 of direct materials and $7,650 of conversion); Finished Goods Inventory,. $110,000; Sales, $0; Cost of Goods Sold, $0; Factory Wages Payable, $0; and Factory Overhead, $0. 1. Prepare journal entries to record the following July transactions and events. a. Purchased raw materials for $170,000 cash (the company uses a perpetual inventory system). b. Used raw materials as follows: direct materials, $65,040; and indirect materials, $15,500. c. Recorded factory wages payable costs as follows: direct labor, $216,000; and indirect labor, $30,500. d. Paid factory payroll cost of $246,500 with cash (ignore taxes). e. Incurred additional factory overhead costs of $91,000 paid in cash. f. Applied 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 prepare a process cost summary, assuming the weighted-average method is used. (Round "Cost per EUP" to 2 decimal places.) Units Beginning inventory Started Ending inventory Beginning inventory Materials-Percent complete Conversion-Percent complete Ending inventory Katerials-Percent complete Conversion-Percent conplete 8,500 unite 11,000 units 5,000 unita 100% 754 100 40% 3. Using the results from part 2 and the avallable 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 $293,200 for $680,000 in cash. 4. Post entries from parts 1 and 3 to the following general ledger accounts. 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.) Book Complete this question by entering your answers in the tabs below. Print Required 1 Required 2 Required 3 Required 4 Required 5 Terences Post entries from parts 1 and 3 to the following general ledger accounts. Work in Process Inventory Acct. No. 133 Raw Materials Inventory Acct. No. 132 Debit Credit Balance Transactions Debit Credit Balance Transactions 30,000 June 30 10,860 June 30 Acct. No. 212 Factory Wages Payable Debit Acct. No. 135 Finished Goods Inventory Credit Transactions Credit Balance Balance Transactions Debit 110,000 June 30 Acct. No. 132 Work In Process Inventory Acct. No. 133 Raw Materials Inventory Debit Credit Balance Transactions Debit Credit Balance Transactions 30,000 June 30 10,860 June 30 eBook Acct. No. 212 Finished Goods Inventory Acct. No. 135 Factory Wages Payable Credit Balance Transactions Debit Credit Balance Transactions Debit 110,000 Print June 30 References Acct. No. 413 Cost of Goods Sold Acct. No. 502 Sales Debit Credit Balance Transactions Debit Credit Balance Transactions Acct. No. 540 Factory Overhead Transactions Debit Credit Balance