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. Al 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, 539,000. Work in Process inventory, $11.585 (53,660 of direct materials and $7.925 of conversion. Finished Goods Inventory, 5200,000, Sales, $o, Cost of Goods Soid. So, Factory Wages Payable, 50, and Factory Overhead, $0. 1. Prepare journal entries to record the following July transactions and events. a. Purchased raw materials for $215,000 cash the company uses a perpetual inventory system, b. Used raw materials as follows direct materials $70,090, and indirect materials. 520,000 c. Recorded factory wages payable costs as follows direct labor $227250, and indirect labor $35,000. d. Paid factory payroll cost of $262 250 with cash ignore taxes) e. Incurred additional factory overhead costs of $100,000 paid in cash Applied factory overhead to production at 50% of direct labor costs 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 EUP to 2 decimal places) 12.500 unit Doinning Laventory Ending Lentory Beginis ventory Materiale-cnt complete Cercent complete Tading into Mercent completa Corso complete 300 2. Using the results from part 2 and the available information, make computations and prepare journal entries to record the following: Total costs transferred to finished goods for July Sale of finished goods costing $315700 for $725.000 in cash 4. Post entries from parts and 3 to the following generaleger accounts 5. Compute the amount of gross profit from the sales in Hint Add any underapplied overhead to ordeduct any overapplied overhead from the cost of goods sold) Complete this question by entering your answers in the tabs below. Required Required 2 Required) Required Required Information about the July inventories follows. Use this information with that from part 1 to prepare a process cost summary aming the weighted average method is used. Round "Cost per BUP o 2 decimal places) Total costs to account for Cost of beginning work in process Costs incurred this period Total costs to count for 5 11 585 $ 11585 $ Unit reconciliation Units to account for Total units to account for Total units accounted for Total units accounted for Equivalent units of production (EUP) weighted average method EUP Conversion Total Cost per equivalent unit of production Conversion Tool - Contraction EUP Coche EL Complete this question by entering your answers in the tabs below. Required Required 2 Required 3 Required Required Using the results from part 2 and the available information, make computations and prepare journal entries to record the following: 9. Total costs transferred to finished goods for July h. Sale of finished goods costing $315,700 for $725,000 in cash. Show les View transaction flat Journal entry worksheet