Part 1 of 2 Required: 1. Compute the amount of (a) production costs transferred from Cutting to Stitching, (b) production costs transferred from Stitching to finished goods, and (c) cost of goods sold. Ignore any over- or under-applied overhead in the calculation of cost of goods sold. points X Answer is not complete. Work in Process (WIP) - Cutting 43,500 C of GM - Cutting 21,750 WIP - May 31 15,600 32,625 WIP - April 30 Direct materials - Cutting Direct labor - Cutting Overhead - Cutting 61,975 51,500 X Work in Process (WIP) - Stitching 63,300WIP - May 31 61,975 C of GM - Stitching 62,400 74,880 WIP - April 30 C of GM - Cutting Direct labor - Stitching Overhead - Stitching 60,500 X 202,055 Finished Goods (FG) 20,100 Cost of goods sold 202,055 FG - April 30 C of GM - Stitching 213,905 FG - May 31 8,250 2. Prepare summary journal entries dated May 31 to record the following production activities during May: (a) raw mate (b) direct materials usage, (c) indirect materials usage, (d) direct labor costs incurred, (e) indirect labor costs incurred, (f) factory payroll, (g) other overhead costs, (credit Other Accounts), (h) overhead applied, (i) goods transferred from Cuttir (i) goods transferred from Stitching to finished goods, (k) cost of goods sold, and (0) sales. View transaction list Journal entry worksheet
Record the sale of finished goods. Note: Enter debits before credits. Credit Date May 31 General Journal Cost of goods sold Finished goods inventory / Debit 213,905 213,905 Record entry Clear entry View general journal Stitching Sales (120% of direct labor used $256,000 Required: 1. Compute the amount of (a) production costs transferred from Cutting to Stitching, (b) production cost from Stitching to finished goods, and (c) cost of goods sold. Ignore any over- or under-applied overhea calculation of cost of goods sold. X Answer is not complete. Work in Process (WIP) -Cutting 43,500 C of GM - Cutting 21,750 WIP - May 31 15,600 32,625 61,975 51,500X WIP - April 30 Direct materials - Cutting Direct labor - Cutting Overhead - Cutting XL 51 X Work in Process (WIP) - Stitching 63,300 WIP - May 31 61,975C of GM - Stitching 62,400 74,880 WIP - April 30 C of GM - Cutting Direct labor - Stitching Overhead - Stitching 60,500 202,055 Finished Goods (FG) 20,100 Cost of goods sold 202,055 FG - April 30 C of GM - Stitching 213,905 FG - May 31 1 8,250T 2. Prepare summary journal entries dated May 31 to record the following production activities during May: (a) raw materials purchases, (b) direct materials usage, (c) indirect materials usage, (d) direct labor costs incurred, (e) indirect labor costs incurred, (f) payment of factory payroll, (g) other overhead costs, (credit Other Accounts), (h) overhead applied, (i) goods transferred from Cutting to Stitching, (i) goods transferred from Stitching to finished goods, (k) cost of goods sold, and (1) sales. No 1 Credit Answer is not complete. General Journal Raw materials inventory Accounts payable Date May 31 Debit 25,000 25,000 2 May 31 21,750 Work in process inventory-Cutting Raw materials inventory 21,750 May 31 6,000 Factory overhead | Raw materials inventory 6,000 56 56 958 se se ss 4 May 31 Work in process inventory-Cutting Work in process inventoryStitching Factory wages payable 15,600 162,400 78,000 5 May 31. 55,000 Factory overhead Factory wages payable 55,000 6 May 31 Factory wages payable | Cash 133,000 133,000 7 May 31 Factory overhead 47,000 47,000 8 May 31 Work in process inventory-Stitching Work in process inventory-Cutting Factory wages payable *S6 74,880 32,625 107,505 9 May 31 61,975 Work in process inventory-Stitching Work in process inventory-Cutting 3 61.9780 61.9754 61,975 10 May 31 202,055 Finished goods inventory Work in process inventory-Stitching 202,055 May 31 Cost of goods sold Finished goods inventory 213,905 213,905 12 May 31 X213,905 Cost of goods sold Finished goods inventory 213,905 X
