Required 1 Required 2 Required 3 Required 4 Required 5 Prepare journal entries to record the following July transactions and events. a. Purchased raw materials for $185,000 cash. b. Used raw materials as follows: direct materials, $56,640; and indirect materials, $17,000. c. Recorded factory wages payable costs as follows: direct labor, $219,750; and indirect labor, $32,000. d. Incurred other actual factory overhead costs of $60,875 paid in cash. e. Applied factory overhead to production at 50% of direct labor costs. Show less View transaction list View journal entry worksheet No Transaction General Journal Debit Credit 1 a. Raw materials inventory 185,000 Cash 185.000 2 b1. 56,640 Work in process inventory Raw materials inventory 56.640 b2. 17,000 Work in process inventory Raw materials inventory 17,000 4 4 c1 219.750 Work in process inventory Factory wages payable 219.750 5 c2 32,000 Work in process inventory Factory wages payable 32.000 6 d. Factory overhead 60.875 Cash 60.875 7 e Work in process inventory 109.875 Factory overhead 109.875 You are to maintain records and produce measures of inventories to reflect the July events of this company The June 30 balances: Raw Materials Invertory, $33,000. Work in Process Inventory $9.735 (53.360 of direct materials and $6.375 of conversion), Finished Goods Inventory, $140,000: Sales, So: Cost of Goods Sold, $0: Factory Payroll Payable, $0 and Factory Overhead, $0. 1. Prepare journal entries to record the following July transactions and events. a. Purchased raw materials for $185.000 cash. b. Used raw materials as follows: direct materials, $56,640: and indirect materials, $17,000. c. Recorded factory wages payable costs as follows: direct labor $219,750; and indirect labor $32,000 d. Incurred other actual factory overhead costs of $60.875 paid in cash. e. Applied factory overhead to production at 50% of direct labor costs. 2. Information about the July work in process (WIP) inventory foilows. Use this information with that from part 1 to prepare a production cost report, assuming the weighted average method is used 10,000 units 14,890 units 16.000 units 8,000 units Units Beginning WIP inventory Started Units transferred out Ending WIP inventory Beginning WIP Inventory Direct materials-Percent completa Conversion-Percent complete Ending WIP Inventory Direct materials-Percent complete Conversion-Percent complete 10 75% 100% 40% 3. Using the results from part 2 and the available information, make computations and prepare journal entries to record the following. f. Total costs transferred to finished goods for July. g. Sale of finished goods costing $300.700 for $695.000 in cash. 4. Post entries from parts 1 and 3 to the following general ledger accounts. 5. Compute the amount of gross profit from the sales in July Complete this question by entering your answers in the tabs below. Required 1 Required 2 2 Required 3 Required 4 Required 5 Information about the July work in process (WIP) Inventory follows. Use this information with that from part 1 to prepare a production cost report, assuming the weighted average method is used. (Round "Cost per EUP" to 2 decimal places.) Unit reconciliation: Units to account for Total units to account for Units accounted for: Total units accounted for Equivalent units of production (EUP) weighted average method Direct Materials Conversion Units % Complete EUP % Complete EUP Total units Cost per equivalent unit of production Direct Materials Conversion Costs EUP Costs EUP 0 0 Cost per EUP Total cost Total costs Equivalent units of production Cost per equivalent unit of production (rounded to 2 decimals) ) Total costs accounted for: Completed and transferred out EUP Direct materials Conversion Total costs completed and transferred out Ending work in process FUP Direct materials Conversion Total cost of ending goods in process Total costs accounted for Cost per EUP Total cost $ 0.00 $ 5 0.00 0 Using the results from part 2 and the available information, make computations and prepare journal entries to record the following: f. Total costs transferred to finished goods for July. g. Sale of finished goods costing $300,700 for $695,000 in cash. Show less View transaction list Journal entry worksheet 1 2 3 > Record the transfer of goods to Finished Goods Inventory. Note: Enter debits before credits. Transaction General journal Debit Credit f. Record entry Clear entry View general journal Journal entry worksheet Record sale of finished goods for cash. Note: Enter debits before credits. Transaction General journal Debit Credit g1 Record entry Clear entry View general journal Journal entry worksheet Record the cost of goods sold. Note: Enter debits before credits. Transaction General journal Debit Credit g2 Record entry Clear entry View general journal Major League Bat Company manufactures baseball bats. In addition to its work in process inventories, the company maintains inventories of raw materials and finished goods. It uses raw materials as direct materials in production and as indirect materials. Its factory payroll costs include direct labor for production and indirect labor. All materials are added at the beginning of the process, and conversion costs are applied uniformly throughout the production process. Required: You are to maintain records and produce measures of inventories to reflect the July events of this company. The June 30 balances: Raw Materials Inventory, $33,000; Work in Process Inventory, $9,735 ($3,360 of direct materials and $6,375 of conversion); Finished Goods Inventory, $140,000; Sales, $0; Cost of Goods Sold, $0; Factory Payroll Payable, $0; and Factory Overhead, $0. 1. Prepare journal entries to record the following July transactions and events. a. Purchased raw materials for $185,000 cash. b. Used raw materials as follows: direct materials, $56,640; and indirect materials, $17,000. c. Recorded factory wages payable costs as follows: direct labor, $219,750; and indirect labor, $32,000. d. Incurred other actual factory overhead costs of $60,875 paid in cash. e. Applied factory overhead to production at 50% of direct labor costs. 2. Information about the July work in process (WIP) inventory follows. Use this information with that from part 1 to prepare a production cost report, assuming the weighted average method is used. 10,000 units 14,000 units 16,000 units 8,000 units Units Beginning WIP inventory Started Units transferred out Ending WIP inventory Beginning WIP Inventory Direct materials-Percent complete Conversion-Percent complete Ending WIP Inventory Direct materials-Percent complete Conversion-Percent complete 100% 75% 100% 40% 3. Using the results from part 2 and the available information, make computations and prepare journal entries to record the following: f. Total costs transferred to finished goods for July. g. Sale of finished goods costing $300,700 for $695,000 in cash. 4. Post entries from parts 1 and 3 to the following general ledger accounts. 5. Compute the amount of gross profit from the sales in July. Complete this question by entering your answers in the tabs below. Post entries from parts 1 and 3 to the following general ledger accounts. Raw Materials Inventory Work in Process Inventory Date Debit Credit Account Number 132 Balance 33,000 Date Debit Account Number 133 Balance 9.735 Credit June 30 June 30 Finished Goods Inventory Factory Wages Payable Debit Account Number 135 Balance 140.000 Account Number 212 Balance Debit Credit Date Credit Date June 30 Sales Cost of Goods Sold Account Number 413 Balance Account Number 502 Balance Date Debit Credit Date Debit Credit Factory Overhead Account Number 540 Balance Date Debit Credit