nts eBook eferences 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 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, $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 Wages Payable, $0 and Factory Overhead, SO 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 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 Units Beginning WIP Inventory Started Units transferred out Ending itp Injectar 5,000 units 14,000 units 11,000 units 11.11 points eBook References 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 Units Beginning WIP inventory Started Units transferred out Ending HIP inventory Beginning WIP Inventory Direct materials-Percent complete. Conversion Percent complete Ending WIP Inventory Direct materials-Percent complete Conversion-Percent complete 5,000 units 14,000 units 11,000 units 8,000 units 100% 75% 100% 40% 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. 8 00 nts ebook References 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. Check my work Required 1 Required 2 Required 3 Required 4 Required 5 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. Show less A D View transaction list Journal entry worksheet < 1 2 3 4 5 6 7 Record the purchase of raw materials for cash. Note: Enter debits before credits. Transaction a General Journal Debit Credit Record entry Clear entry View general journal V Required 1 Required 2 Required 3 Required 4 Required 5 Information about the July work in process (WIP) inventory follows. Use this information with that from part 1 to prepare a production cost repe assuming the weighted average method is used. Note: Round "Cost per EUP" to 2 decimal places. Unit reconciliation: Units to account for: Beginning work in process Units started this period 5,000 14,000 19.000 Total units to account for Units accounted for: Completed and transferred out 11,000 Ending work in process 6,000 Total units accounted for 19,000 Equivalent units of production (EUP) Direct Materials, Conversion Units % Complete EUP Complete EUP Completed and transferred out Ending work in process Fauivalent Units of Production 11,000 100% 11.000 75% 8.250 8,000 100% 8.000 40% 3.200 19.000) 19 000 11 450 Demir Novi S Equivalent units of production (EUP) Direct Materials Conversion Units % Complete EUP % Complete EUP Completed and transferred out 11,000 100% 11,000 75% 8,250 Ending work in process 8,000 100% 8,000 40% 3,200 Equivalent Units of Production 19,000 19,000 11,450 Cost per equivalent unit of production Direct Materials Conversion Costs added this period 2,660 Cost of beginning work in process Total costs Costs - Equivalent units of production EUP Costs EUP 0 0 Cost per equivalent unit of production (rounded to 2 decimals) Cost Assignment Completed and transferred out Direct materials Conversion Ending work in process Direct materials Conversion EUP Cost per EUP Total cost EUP Cost per EUP Total cost $ 0.00 $ 0 $ 0.00 0 < Prev 8 of 9 Next > 4 Equivalent units of production Cost per equivalent unit of production (rounded to 2 decimals) Cost Assignment Completed and transferred out Direct materials Conversion Ending work in process Direct materials Conversion Total costs accounted for EUP EUP Cost per EUP Total cost EUP Cost per EUP Total cost 5 0.00 $ 0 $ 0.00 0 < Required 1 Required 3 > EUP Required 1 Required 2 Required 3 Required 4 Required 5 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. View transaction list Journal entry worksheet < 1 2 3 Record the transfer of goods to Finished Goods Inventory. Note: Enter debits before credits. Transaction General journal Debit Credit Show less A Journal entry worksheet 2 3 Record the transfer of goods to Finished Goods Inventory. Note: Enter debits before credits. Transaction General journal Debit Credit Record entry Clear entry View general journal V Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 Required 5 Post entries from parts 1 and 3 to the following general ledger accounts. Raw Materials Inventory Account Number 132 Date: Debit Credit Balance Date Work in Process Inventory Debit Credit June 30 25,000 June 301 Date June 30 Finished Goods Inventory Debit Account Number 135 Factory Wages Payable Credit Balance Date Debit Credit 110,000 Account Number 133 Balance 8,135 Account Number 212 Balance Date June 30 Finished Goods Inventory Debit Account Number 135 Credit Balance Date Factory Wages Payable Debit Credit 110,000 Sales Account Number 413 Cost of Goods Sold Date Debit Credit Balance Date Debit Credit Date Factory Overhead Debit Credit Account Number 540 Balance Account Number 212 Balance Account Number 502 Balance 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. Required 1 Required 2 Required 3 Required 4 Required 5 Compute the amount of gross profit from the sales in July. Gross profit < Required 4 Required:59