Please answer the following questions
Cecconi Company manufactures soccer balls in two sequential processes: Cutting and Stitching. All direct materials enter production at the beginning of the Cutting process. The following information is available regarding its May inventories:
| | Beginning Inventory | Ending Inventory |
| Raw materials inventory | $ | 61,000 | | $ | 73,300 | |
| Work in process inventoryCutting | | 153,500 | | | 57,000 | |
| Work in process inventoryStitching | | 173,300 | | | 115,500 | |
| Finished goods inventory | | 130,100 | | | 30,250 | |
| |
The following additional information describes the company's production activities for May.
| Direct materials | | | |
| Raw materials purchased on credit | $ | 80,000 | |
| Direct materials usedCutting | | 24,500 | |
| Direct materials usedStitching | | 0 | |
| |
| Direct labor | | | |
| Direct laborCutting | $ | 21,100 | |
| Direct laborStitching | | 84,400 | |
| Total factory payroll paid (in cash) | | 162,700 | |
| |
| Factory Overhead (Actual costs) |
| Indirect materials used | $ | 43,200 | |
| Indirect labor used | | 57,200 | |
| Other overhead costs | | 58,000 | |
| |
| Factory Overhead Rates | |
| Cutting | (150% of direct materials used | ) |
| Stitching | (120% of direct labor used | ) |
| Sales | $696,000 | |
| |
2) b. Record direct materials used in production.
3) c. Record the usage of indirect materials.
4) d. Record the cost of direct labor incurred but not yet paid. (Use "Factory wages payable" account)
5) e. Record the cost of indirect labor incurred but not yet paid. (Use "Factory wages payable" account).
6) f. Record the payment of the total factory payroll.
7) g. Record the cost of other factory overhead costs (credit Other accounts).
8) h. Record the application of overhead at a rate of 150% of direct materials costs (Cutting) and 120% of direct labor cost (Stitching).
9) i. Record the transferred costs of partially completed goods.
10) j. Record the transfer of production to finished goods, as calculated on the Cost of Goods Manufactured tab.
11) k. Record the cost of goods sold, as calculated on the cost of goods sold tab.
12) l. Record the sale of goods on account.
Options for the General Journal
- 00: No journal entry required
- 101: Cash
- 106: Accounts receivable
- 120: Raw materials inventory
- 121: Work in process inventoryStitching
- 122: Finished goods inventory
- 123: Work in process inventoryCutting
- 125: Prepaid expenses
- 126: Factory overhead
- 150: Factory Equipment
- 151: Accumulated depreciation - Factory equipment
- 201: Accounts payable
- 210: Other accounts
- 212: Factory wages payable
- 220: Notes payable (short-term)
- 310: Common stock, $5 par value
- 312: Paid-in capital in excess of par - Common
- 318: Retained earnings
- 401: Sales
- 502: Cost of goods sold
- 610: Selling expenses
- 615: General and administrative expenses
- 630: Income taxes expense
- 700: Income summary
Options for the left column
- Accounts receivable, net
- Cash
- Cost of goods sold
- Direct labor used
- Direct materials used
- Factory equipment
- Factory overhead applied
- General and administrative expenses
- Indirect materials used
- Prepaid expenses
- Raw materials purchased
- Sales
- Selling expenses
- Transferred-in from Cutting
- Wages payable
Options for the 1st four
- Accounts receivable, net
- Cash
- Cost of goods sold
- Direct labor used
- Direct materials used
- Factory equipment
- Factory overhead applied
- General and administrative expenses
- Indirect materials used
- Prepaid expenses
- Raw materials purchased
- Sales
- Selling expenses
- Transferred-in from Cutting
- Wages payable
Options for the May
- Add: Beginning finished goods inventory
- Add: Beginning raw materials inventory
- Add: Beginning work in process inventory
- Add: Ending finished goods inventory
- Add: Ending raw materials inventory
- Add: Ending work in process inventory
Options for the total cost
- ess Beginning finished goods inventory
- Less: Beginning raw materials inventory
- Less: Beginning work in process inventory
- Less: Ending finished goods inventory
- Less: Ending raw materials inventory
- Less: Ending work in process inventory
Options for the 1st four
- Accounts receivable, net
- Cash
- Cost of goods sold
- Direct labor used
- Direct materials used
- Factory equipment
- Factory overhead applied
- General and administrative expenses
- Indirect materials used
- Prepaid expenses
- Raw materials purchased
- Sales
- Selling expenses
- Transferred-in from Cutting
- Wages payable
Options for the May
- Add: Beginning finished goods inventory
- Add: Beginning raw materials inventory
- Add: Beginning work in process inventory
- Add: Ending finished goods inventory
- Add: Ending raw materials inventory
- Add: Ending work in process inventory
Options for the total cost
- Less Beginning finished goods inventory
- Less: Beginning raw materials inventory
- Less: Beginning work in process inventory
- Less: Ending finished goods inventory
- Less: Ending raw materials inventory
- Less: Ending work in process inventory
Options for the left column
- Beginning work in process inventory
- Cost of materials used
- Cost of goods manufactured
- Ending work in process inventory
- Beginning finished goods inventory
- Ending finished goods inventory
Options for the gross profit
- Cost of goods sold
- Factory overhead
- Finished goods inventory
- Raw materials inventory
- Sales
- Work in process inventory
Requirement General Journal General Ledger Trial Balance Raw Materials Cost of Goods Mfg Cutting Cost of Goods Mfg Stitching Cost of Goods Sold Gross Profit General Journal tab - Prepare journal entries to record the transactions of Cecconi Company during the month of May. Cost of Materials Used tab - Calculate the total cost of direct materials used in production during May. Cost of Goods Manufactured Cutting and Stitching tab - Prepare a schedule of cost of goods manufactured for Cecconi Company for the month of May. Cost of Goods Sold tab - Prepare a schedule of cost of goods sold for Cecconi Company for the month of May. Gross Profit tab - Calculate the gross profit on sales for May. Journal entry worksheet a. Record the purchase of materials (on credit). Note: Enter debits before credits. Date Account Title Debit Credit May 31 Record entry Clear entry View general journal Requirement General Journal General Ledger Trial Balance Raw Materials Cost of Goods Mfg Cutting Cost of Goods Mfg Stitching Cost of Goods Sold Gross Profit Dates: Apr 30 to: Apr 30 General Ledger Account Cash Accounts receivable No. Date Debit Credit No. Date Debit Credit Balance 310,000 Balance 52,000 Apr 29 Apr 30 Raw materials inventory Work in process inventory_Stitching No. Date Debit Credit No. Date Debit Credit Balance 61,000 Balance 173,300 Apr 29 Finished goods inventory Work in process inventory-Cutting No. Date Debit Credit Balance No. Date Debit Credit Balance 153,500 Apr 29 130,100 Factory Equipment Accumulated depreciation - Factory equipment No. Date Debit Credit No. Date Debit Credit Balance Balance 80,000 Apr 29 Apr 29 16,000 Accounts payable Common stock, $5 par value No. Date Debit Credit Balance No. Date Debit Credit Balance 52,000 Apr 30 549,800 Apr 29 Paid-in capital in excess of par - Common Retained earnings No. Date Debit Credit Balance No. Debit Credit Date Apr 30 Balance 296,100 Apr 30 46,000 Cecconi Company Trial Balance April 30, 2018 Account Title Debit Credit Cash $ 310,000 Accounts receivable 52,000 61,000 173,300 130,100 153,500 80,000 Raw materials inventory Work in process inventoryStitching Finished goods inventory Work in process inventory-Cutting Factory Equipment Accumulated depreciation - Factory equipment Accounts payable Common stock, $5 par value Paid-in capital in excess of par - Common Retained earnings Total 16,000 549,800 52,000 46,000 296,100 959,900 $ 959,900 $ Requirement General Journal General Ledger Trial Balance Raw Materials Cost of Goods Mfg Cutting Cost of Goods Mfg Stitching Cost of Goods Sold Gross Profit Verify the ending balance in raw materials inventory. Enter the amount of materials used as negative values. Beginning Raw Materials Inventory Materials available for use Ending raw material inventory Requirement General Journal General Ledger Trial Balance Raw Materials Cost of Goods Mfg Cutting God St Prepare a schedule of cost of goods manufactured for Cecconi Company D Total manufacturing costs added during May Total cost of work in process General General Raw Cost of Cost of Requirement Trial Balance Journal Ledger Materials Goods Mfg Goods Mfg Cutting Stitching Prepare a schedule of cost of goods manufactured for Cecconi Company for the m Dates: Ap Total manufacturing costs added during May Total cost of work in process Requirement General Journal General Ledger Trial Balance Raw Materials Cost of Goods Mfg Cutting Cost of Goods Mfg Stitching Cost of Goods Sold Gross Profit Calculate the value of cost of goods sold for the month of May. Ignore any over- or underapplied ove calculation of cost of goods sold. Dates: Apr 30 to: AF Calculate cost of goods sold: Cost of goods available for sale Cost of goods sold Requirement General Journal General Ledger Trial Balance Raw Materials Cost of Goods Mfg Cutting Cost of Goods Mfg Stitching Cost of Goods Sold Gross Profit Calculate the value of gross profit for the month of May. Dates: Apr 30 to: Apr Gross Profit Requirement General Journal General Ledger Trial Balance Raw Materials Cost of Goods Mfg Cutting Cost of Goods Mfg Stitching Cost of Goods Sold Gross Profit General Journal tab - Prepare journal entries to record the transactions of Cecconi Company during the month of May. Cost of Materials Used tab - Calculate the total cost of direct materials used in production during May. Cost of Goods Manufactured Cutting and Stitching tab - Prepare a schedule of cost of goods manufactured for Cecconi Company for the month of May. Cost of Goods Sold tab - Prepare a schedule of cost of goods sold for Cecconi Company for the month of May. Gross Profit tab - Calculate the gross profit on sales for May. Journal entry worksheet a. Record the purchase of materials (on credit). Note: Enter debits before credits. Date Account Title Debit Credit May 31 Record entry Clear entry View general journal Requirement General Journal General Ledger Trial Balance Raw Materials Cost of Goods Mfg Cutting Cost of Goods Mfg Stitching Cost of Goods Sold Gross Profit Dates: Apr 30 to: Apr 30 General Ledger Account Cash Accounts receivable No. Date Debit Credit No. Date Debit Credit Balance 310,000 Balance 52,000 Apr 29 Apr 30 Raw materials inventory Work in process inventory_Stitching No. Date Debit Credit No. Date Debit Credit Balance 61,000 Balance 173,300 Apr 29 Finished goods inventory Work in process inventory-Cutting No. Date Debit Credit Balance No. Date Debit Credit Balance 153,500 Apr 29 130,100 Factory Equipment Accumulated depreciation - Factory equipment No. Date Debit Credit No. Date Debit Credit Balance Balance 80,000 Apr 29 Apr 29 16,000 Accounts payable Common stock, $5 par value No. Date Debit Credit Balance No. Date Debit Credit Balance 52,000 Apr 30 549,800 Apr 29 Paid-in capital in excess of par - Common Retained earnings No. Date Debit Credit Balance No. Debit Credit Date Apr 30 Balance 296,100 Apr 30 46,000 Cecconi Company Trial Balance April 30, 2018 Account Title Debit Credit Cash $ 310,000 Accounts receivable 52,000 61,000 173,300 130,100 153,500 80,000 Raw materials inventory Work in process inventoryStitching Finished goods inventory Work in process inventory-Cutting Factory Equipment Accumulated depreciation - Factory equipment Accounts payable Common stock, $5 par value Paid-in capital in excess of par - Common Retained earnings Total 16,000 549,800 52,000 46,000 296,100 959,900 $ 959,900 $ Requirement General Journal General Ledger Trial Balance Raw Materials Cost of Goods Mfg Cutting Cost of Goods Mfg Stitching Cost of Goods Sold Gross Profit Verify the ending balance in raw materials inventory. Enter the amount of materials used as negative values. Beginning Raw Materials Inventory Materials available for use Ending raw material inventory Requirement General Journal General Ledger Trial Balance Raw Materials Cost of Goods Mfg Cutting God St Prepare a schedule of cost of goods manufactured for Cecconi Company D Total manufacturing costs added during May Total cost of work in process General General Raw Cost of Cost of Requirement Trial Balance Journal Ledger Materials Goods Mfg Goods Mfg Cutting Stitching Prepare a schedule of cost of goods manufactured for Cecconi Company for the m Dates: Ap Total manufacturing costs added during May Total cost of work in process Requirement General Journal General Ledger Trial Balance Raw Materials Cost of Goods Mfg Cutting Cost of Goods Mfg Stitching Cost of Goods Sold Gross Profit Calculate the value of cost of goods sold for the month of May. Ignore any over- or underapplied ove calculation of cost of goods sold. Dates: Apr 30 to: AF Calculate cost of goods sold: Cost of goods available for sale Cost of goods sold Requirement General Journal General Ledger Trial Balance Raw Materials Cost of Goods Mfg Cutting Cost of Goods Mfg Stitching Cost of Goods Sold Gross Profit Calculate the value of gross profit for the month of May. Dates: Apr 30 to: Apr Gross Profit
