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Please help! I need Journal Entries for the A-K picture provided Required information Problem 20-5A (Static) Production cost flow and measurement; journal entries LO P3,
Please help! I need Journal Entries for the A-K picture provided
Required information Problem 20-5A (Static) Production cost flow and measurement; journal entries LO P3, P4 [The following information applies to the questions displayed below.) Sierra 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: Sierra 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 Ending Inventory Inventory Raw materials inventory $ 6,000 $ 3,250 Work in process inventory-Cutting 43,500 51,500 Work in process inventory-Stitching 63,300 60,500 Finished goods inventory 20,100 8,250 The following additional Information describes the company's production activities for May. Direct materials Raw materials purchased on credit Direct materials used-Cutting Direct materials used-stitching $ 25,000 21,750 0 Direct labor Direct labor-Cutting Direct labor-Stitching $ 15,600 62,400 Factory Overhead (Actual costs) Indirect materials used Indirect labor used Other overhead costs $ 6,000 55,000 46,505 Factory Overhead Rates Cutting Stitching Sales 1508 of direct materials used 1206 of direct labor used $ 256,000 Problem 20-5A (Static) Part 2 2. Prepare May 31 journal entries to record the following May activities: a. Raw materials purchases b. Direct materials used c. Indirect materials used d. Direct labor used e. Ind ect labor used f. Other overhead costs paid in cash g. Overhead applied h. Goods transferred from Cutting to Stitching i. Goods transferred from Stitching to finished goods j. Sales on accounts k. Cost of goods sold Step by Step Solution
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