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. Requlred: You are to maintaln records and produce measures of Inventories to reflect the July events of this company. The June 30 balances: Raw Materials Inventory, $25,000; Work In Process Inventory, $8,135 ($2,660 of direct materials and S5,475 of conversion); Finlshed Goods Inventory, $110.,000: Sales, $0: Cost of Goods Sold, $0: Factory Payroll Payable, so: and Factory Overhead, $0 1. Prepare journal entries to record the following July transactions and events Skipped 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. Recorded factory payroll payable costs as follows: direct labor, $202,250; and Indirect labor, $25,000 d. Paid factory payroll cost of $227,250 with cash (ignore taxes). e. Incurred additional factory overhead costs of $80,000 pald in cash. 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 prepare a process cost summary assuming the weighted-average method is used. (Round "Cost per EUP" to 2 decimal places.) Beginning Snventory Ending inventory Materials-Percent complete 5,000 units 14,000 units 8,000 units Beginning inventory 75% Ending inventory Materlals-Percent complete 40% Total costs to account for Units to account for: Total units to account for Total units accounted for: Total units accounted for average method EUP Units % Materials EUP. Materials % Labor Total units per Total costs Costs Costs Equivalent units of production Cost per equivalent unit of production (rounded to 2 decimals) EUP EUP Cost of units transferred out EUP Cost per | Total cost Direct materials Total costs transferred out Costs of ending goods in process cost per EUP | Total cost EUP Direct materials Total cost of ending goods in process Total costs accounted for