Mojor League Bat Company manufactures boseball 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 payrall costs include direct labor for production and indirect laboc Al materials are added at the beginning of the process, and conversion costs are applied unformly throughout the production process. Required: You are to maintain records and produce measures of inventories to rellect 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 $5,475 of conversion); Finished Goods inventory, \$110,000; Sales, \$0; Cost of Goods Sold, \$0; Factory Woges Payable, \$0, and Factory Overhead, $0. 1. Prepare journal entries to record the following July uansactions and events Q. Purchased raw materials for $125,000 cosh. b. Used row materials os follows direct materials, $52,440, and indirect materials, $10,000. c. Recorded factory woges payoble costs as follows, direct labor, $2,02,250, and indirect labor, $25,000 d. Incurred other actual foctory overhead costs of $65,125 paid in cosh e. Applied foctory overhead to production at 50% of direct lebor 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 averoge method is used. 3. Using the results from part 2 and the availoble information, make computations and prepare joumal entries to record the following 1. Total costs tonsferred to finished goods for July. g. Sale of finished goods costing $265,700 for $625,000 in cosh 4. Post entries from parts 1 and 3 to the following general iedger nccounts. 5. Compute the omount 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 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. 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, $2,440, 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. Iournal entru worksheet Prepare journal entries to record the following July trancactions 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 overthead costs of $66,125 paid in cash. e. Applind factory overhead to production at 50% of direct labor costs. Inirnal 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 wapes 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 \begin{tabular}{ll|l|ll} 1 & 2 & 6 & 7 \end{tabular} Record the direct labor cost incurred, but not yet paid. Notei Entis debits before credits. 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 1 2 3 6 7 Record the indirect labor cost incurred, but not yet paid. Nobteifnter dobits belore credas. 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 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 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. Note: Round "Cost per Eup" to 2 decimal places. Required 1 Required 3 Using the results from part 2 and the available information, make computations and prepare journal entries to record the following: f. Total costs transferred to finished goods for July. g. Sale of finished goods costing $265,700 for $625,000 in cash. Show less Journal entry worksheet 3 Record the transfer of goods to Finished Goods Inventory. Note: Enter debits before credits. Using the results from part 2 and the available information, make computations and prepare journal entries to record the following: f. Total costs transferred to finished goods for July. g. Sale of finished goods costing $265,700 for $625,000 in cash. Show less A Journal entry worksheet weter enter bevis betore credits. Using the results from part 2 and the available information, make computations and prepare journal entries to record the following: f. Total costs transferred to finished goods for July. g. Sale of finished goods costing $265,700 for $625,000 in cash. Journal entry worksheet 1 Post entries from parts 1 and 3 to the following general ledger accounts. 3. Using the results from part 2 and the available information, make computations and prepare journal entries to record the following: 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