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please help Strods Company manufactures soccer balls in two sequential processes: Cutting and Stitching. All direct materials enter production at the beginning of the Cutting
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Strods 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 $ 81,000 $ 97,900 Work in process inventory-Cutting 193,500 59, one Work in process inventory Stitching 213,300 135,500 Finished goods inventory 170,100 38,250 The following additional information describes the company's production activities for May, Direct materials Raw materials purchased on credit $ 100,000 Direct materials used-cutting 25,500 Direct materials used-stitching Direct Labor Direct labor Cutting $ 23,100 Direct labor-stitching 92,400 Factory Overhead Cactual costs Indirect materials used $ 57,600 Indirect labor used 58,000 Other overhead costs 62,000 Factory Overhead Rates Cutting (1589 of direct materials used) Stitching (120 of direct labor used) Sales $ 856,000 1 Record the purchase of materials (on credit). 2 Record direct materials used in production. Record the usage of indirect materials. 4 Record the cost of direct labor incurred but not yet paid. (Use "Factory wages payable" account). Record the cost of indirect labor incurred but not yet paid. (Use "Factory wages payable" account). Record overhead costs paid in cash. 7 Record the application of overhead at a rate of 150% of 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. Cost of General General Requirement Cost of Raw Trial Balance Goods Mfg Goods Mfg Gross Profit Journal Ledger Materials Cutting Stitching Goods Sold Verify the ending balance in raw materials inventory. Materials used should be indicated with a minus sign. Beginning Raw Materials Inventory Materials available for use Ending raw material inventory Trial Balance Cost of Goods Mig Cutting General General Requirement Cost of Cost of Raw Trial Balance Journal Cost of Goods Mlg Goods Mfg Ledger Gross Profit Materials Goods Sold Cutting Stitching Prepare a schedule of cost of goods manufactured for the Cutting Department for the month of May. Dates: Apr 30 to: Apr 30 Total manufacturing costs added during May Total cost of work in process General Cost of Raw Cost of General Cost of Requirement Trial Balance Journal Gross Profit Ledger Goods Mfg Goods Mfg Materials Goods Sold Cutting Stitching Prepare a schedule of cost of goods manufactured for the stitching Department for the month of May. Dates: Apr 30 to: Apr 30 Total manufacturing costs added during May Total cost of work in process Step by Step Solution
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