Answered step by step
Verified Expert Solution
Question
1 Approved Answer
PLEASE HELP!!!!! Sierra Company manufactures soccer balls in two sequential processes: Cutting and Stitching. All direct materials enter production at the beginning of the Cutting
PLEASE HELP!!!!! 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:
Prepare journal entries for the month of May's transactions.
Please add the General Journal as well!!!
Slerra Company manufactures soccer balis 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: The following additional information describes the company's production activities for May sales Prepare journal entries for the month of May's transactions. Verify the ending balance in raw materials inventory. Materials used should be indicated with a minus sign. Direct materaals used-stitching Prepare a schedule of cost of goods manufactured for the Stitching Department for the month of May. The following additional information describes the company's production activities for May. of Mfg ing Calculate the value of cost of goods sold for the month of May. Ignore any over-or underapplied overhead in the calculation of cost of goods sold. The following additional information describes the company's production activities for May. CostofGoodsMfgGoodsMfgCuttinnCostofGoodsStitchinnCostofSold Calculate the value of gross profit for the month of May. Prepare journal entries for the month of May's transactions. 1 Record the purchase of materials (on credit). 2 Record direct materials used in production. 3 Record the usage of indirect materials. 4 Record the cost of direct labor incurred but not yet paid. (Use "Factory wages payable" account). 5 Record the cost of indirect labor incurred but not yet paid. (Use "Factory wages payable" account). 6 Record overhead costs paid in cash. 7 Record the application of overhead at a rate of 150% Note : = journal entry has been entered Prepare journal entries for the month of May's transactions. 7 Record the application of overhead at a rate of 150% of direct materials costs (Cutting) and 120% of direct labor cost (Stitching). 8 Record the transferred costs of partially completed goods. 9 Record the transfer of production to finished goods, as calculated on the Cost of Goods Manufactured tab. 10 Record the sale of goods on account. 11 Record the cost of goods sold, as calculated on the cost of goods sold tab. Note : = journal entry has been entered Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started