Major League Bat Compary manufactures baseball bats. In addition to lts work in process inventories, the compary maintains inventories of raw materials and finished goods. It uses raw materiais as direct materlals in production and as indirect materiais. 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 Irventorles to refiect the July events of this company. The June 30 balances: Raw Materials Inventory, $25,000, Work in Process Inveritory, $8,135 ( $2,660 of clirect materials and $5,475 of conversionk Finished Goods Inventory, \$110,000; Sales, 50, Cost of Goods 5old, \$0, Factory Wages Payable, 50 ; and Factory Overtiead, 50 . 1. Prepare joumal entries to record the following July transactions and events: a. Purchased raw materials for $125,000cash. 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 work in 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 foll 6. 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 ledget accounts. 5. Compute the amount of gross profit from the sales in July. 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 materiais, $10,000. C. Recorded factory wages payable costs as foliows: 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. Using the results from part 2 and the avallable information, make computations and prepare joumal 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. x) Answer is not complete. Complete this question by entering your answers in the tabs below. Compute the amount of gross proft from the sales in July