Major League Bat Company manufactures baseball bats, In addition to its work In process inventorles, the company maintains Inventorles of raw materials and finished goods. It uses raw materials as direct materials in production and as indirect materlals. Its factory payroll costs include direct labor for production and Indirect labor. All materlals 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 Materlais Inventory, $25,000; Work In Process Inventory, $8,135($2,660 of direct materlals and $5,475 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 $125,000 cash. b. Used raw materials as follows; direct materials, $52,440, and indirect materials, $10,000. c. Recorded factory wages payable costs as follows: direct labor, $202,250, and indirect labor, $25,000. d. Incurred other actual factory overhead costs of $66,125 paid in cash. e. Applied factory overhead to production at 50% of direct labor costs. 2. Information about the July worin process (WIP) Inventory follows. Use this information with that from part 1 to prepare a production cost report, assuming the weighted average method is used. 3. Using the results from part 2 and the avallable information, make computations and prepare journal entries to record the following: f. Total costs transferred to finished goods for July. 9. Sale of finished goods costing $265,700 for $625,000 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. Complete this question by entering your answers in the tabs below. Prepare journal entries to record the following July transactions and events, a. Purchased raw materials for $125,000 cash. b. Uned raw materials as follows: direct materials, $52,440, and indirect moterials, $10,000. c. Recorded factory wages payable costs as followss direct labor, 1202,250 , and indirect labor, 125,000. d. Incurred other actual factery overhead costs of 366,125 pald in cash. e. Applied factory overheed to production at 50% of direct labor costs. Journal entry worksheet Prepare journal entries to record the following July transactions and events. a. Purchased raw materials for $125,000 cash. b. Used raw materials as follows: direct materials, $52,440, and indirect materials, $10,000. c. Recorded factory wages payable costs as follows: direct labor, $202,250, and indirect labor, $25,000. d. Incurred other actual factory overhead costs of $66,125 paid in cash. e. Applied factory overhead to production at 50% of direct labor costs. Journal entry worksheet 4. Journal entry worksheet 1 4 Note: Enter debits before credits. Journal entry worksheet Journal entry worksheet 1 (2) 3 Record the indirect labor cost incurred, but not yet paid. Note: Enter debits before credits. Journal entry worksheet Journal entry worksheet Information about the July work In process (WIP) inventory follows. Use this information with that from part 1 to prepare a producton cost report, assuming the weighted averege method is used. (Round "Cost per eup" to 2 decimal places.) Journal entry worksheet Record the transfer of goods to Finished Goods Inventory. Note: Enter debits before credits. Journal entry worksheet Record sale of finished goods for cash. Note: Enter debits before credits. Journal entry worksheet 1 Record the cost of goods sold. Note: Enter debits before credits. Post entries from parts 1 and 3 to the following general ledger accounts. = 3. Using the results from part 2 and the avallable information, make computations and pi f. Total costs transferred to finished goods for July. g. Sale of finished goods costing $265,700 for $625,000 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. Complete this question by entering your answers in the tabs below. Compute the amount of gross profit from the sales in July