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trods 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, ove 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 (actual costs Indirect materials used $ 57,600 Indirect labor used 58,000 Other overhead costs 62,000 Factory Overhead Rates Cutting (150% of direct materials used) Stitching (120N of direct labor used) Sales $ 856,000 1 Record the purchase of materials (on credit). 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 00 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 & Cost of General Requirement General Cost of Raw Trial Balance Gross Profit Goods Mfg Goods Mfg Journal Ledger Materials Goods Sold Cutting Stitching 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 Cost of Requirement Cost of General Raw Trial Balance Cost of Goods Mlg Goods Mfg Journal Gross Profit Ledger 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 Cost of General General Cost of Raw Requirement Cost of Trial Balance Journal Gross Profit Ledger Materials Goods Mfg Goods Mfg 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
Cost of Cost of Cost of General General Raw Requirement Trial Balance Goods Mfg Goods Mfg Gross Profit Journal Ledger Materials Cutting Stitching Goods Sold 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. Dates: Apr 30 to: Apr 30 Calculate cost of goods sold: Cost of goods available for sale Cost of goods sold Cost of Cost of General General Raw Requirement Cost of Trial Balance Goods Mfg Goods Mfg Journal Ledger Gross Profit Materials Cutting Stitching Goods Sold Calculate the value of gross profit for the month of May. Dates: Apr 30 to: Apr 30 Gross Profit Cost of Goods Sold CO Proti wap JU W. Api au General Ledger Account Cash Debit No. Date Apr 29 Credit No. Accounts receivable Debit Credit Balance 350,000 Date Apr 30 Balance 68,000 Raw materials inventory Debit Credit No. Work in process inventory-Stitching Date Debit Credit Date Apr 29 No. Balance 81,000 Balance 213,300 Finished goods Inventory Debit Credit No. Date Apr 29 No. Balance 170,100 Work in process inventory-Cutting Date Debit Credit Balance 193,500 Factory Equipment Debit Credit No. nces Date Apr 29 Balance 100,000 No Accumulated depreciation - Factory equipment Date Debit Credit Balance Apr 29 20,000 Common stock, $5 par value Date Debit Credit Balance Apr 29 60,000 Accounts payable Debit Credit No. No. Date Apr 30 Balance 741,000 No. Paid-in capital in excess of par. Common Date Debit Credit Apr 30 Retained earnings Debit Credit No. Date Balance 54,000 Apr 30 Balance 300,900 Strods Company Trial Balance April 30, 2018 Credit $ 4022 A A A A Account Title Cash Accounts receivable Raw materials inventory Work in process inventory Stitching 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 Debit 350,000 68,000 81,000 213,300 170.100 193,500 100,000 20,000 741,000 60,000 54,000 300,900 1.175.900 1,175,900 $
