Carlberg 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: Raw materials inventory work in process inventory-Cutting Work in process inventory-Stitching Finished goods inventory Beginning Inventory Ending Inventory 5 31,000 $ 36,400 93,500 $4,000 113,300 85,500 70,100 18,250 The following additional information describes the company's production activities for May. Direct materials Raw materials purchased on credit Direct materials used-Cutting $ 50,000 23,000 Direct materials used-Stitching Direct labor Direct labor-Cutting Direct labor-Stitching Factory Overhead (Actual costs) Indirect materials used Indirect labor used Other overhead costs i Factory Overhead Rates Cutting $18,100 72,400 $ 21,600 56,000 52,000 (150% of direct materials used) Cutting Stitching Sales (150% of direct materials used) (120% of direct labor used) $ 456,000 Requirement General Journal General Ledger Trial Balance Raw Materials Cost of Goods Mfg Cutting Cost of Goods Mfg Stitching Cost of Goods Sold Gross Profit General Journal tab Journalize the transactions related to Carlberg Company's manufacturing of soccer balls. The General Ledger and Trial Balance will be updated based on your entries. Prepare journal entries to record the transactions of Carlberg Company during the month of May. General Ledger tab One of the advantages of general ledger software is that posting is done automatically. To see the detail of all transactions that affect a specific account, or the balance in an account at a specific point in time, click on the General Ledger tab. Trial Balance tab General ledger software also automates the preparation of trial balances. A trial balance lists each account from the General Ledger, along with its balance, either a debit or a credit. Total debits should always equal total credits. Raw Materials tab Calculate the total cost of direct materials used in production during May. Cost of Goods Manufactured Cutting and Stitching tab Prepare a schedule of cost of goods manufactured for Carlberg Company for the month of May. Cost of Goods Sold tab Prepare a schedule of cost of goods sold for Carlberg Company for the month of May, Gross Profit tab Calculate the gross profit on sales for May. General Journal > Requirement General Journal General Ledger Raw Trial Balance Materials Cost of Goods Mfg Cutting Prepare journal entries for the month of May's transactions. Cost of Cost of Goods Mfg Goods Sold Stitching Gross Profit View transaction list View journal entry worksheet No Date Account Title Debit Credit 1 May 31 Raw materials inventory 50,000 Accounts payable 50,000 + 2 May 31 Work in process inventory-Cutting Raw materials inventory 3 May 31 Factory overhead Raw materials inventory 23.000 23,000 21,600 21,600 4 May 31 Work in process inventory-Cutting 18,100 Work in process inventory-Stitching 72.400 Factory wages payable 90,500 5 May 31 Factory overhead 56,000 Factory wages payable 56,000 6 May 31 Factory overhead 52,000 Cash 52,000 7 May 31 Work in process inventory-Cutting 34,500 Work in process inventory-Stitching Factory overhead. 86.880 121,380 8 May 31 Work in process inventory-Stitching 115,100 Work in process inventory-Cutting 115,100 7 9 May 311 Finished goods inventory 302.180 Work in process inventory-Stitching 302.180 10 May 31 Accounts receivable 456,000 Sales 456,000 11 May 31 Cost of goods sold 354,030 7 Cash Accounts receivable No. Date Debit Credit Balance No. Date Debit 6 April 30 May 31 250,000 April 30 52,000 198,000 10 May 31 Raw materials inventory Credit Balance 28,000 484,000 456,000 Work in process inventory-Stitching No. Date April 30 Debit Credit Balance No. Date 31,000 777 1 May 31 50,000 81,000 2 4 3 May 311 May 31 23,000 58,000 21,600 36,400 4444 44 Finished goods inventory Debit Credit Balance 113.300 4 May 31 72,400 185,700 7 May 31 86,880 272,580 8 May 31 115,100 387,680 9 May 31 302,180 85.500 Work in process inventory-Cutting No. Date Debit Credit Balance No. Date April 30 70,100 9 May 31 302,180 372,280 11 May 31 354,030 18.250 4444 Debit. Credit Balance 93,500 2 May 31 23,000 116,500 4 May 31 18.100 134,600 7 May 31 34,500 169,100 8 May 31 115,100 54,000 Factory overhead Factory Equipment No. Date Debit Credit Balance No. Date Debit April 30 0 April 30 3 May 31 21,600 21.600 5 May 31 56,000 77,600 6 May 31 52.000 129,600 7 May 31 121,380 8,220 4444 Credit Balance 50,000 Accumulated depreciation Factory equipment Accounts payable No. Date April 30 Debit Credit Balance No. Date: Debit Credit Balance 10,000 April 30 263,000 May 31 50.000 313,000 Factory wages payable Common stock, $5 par value No. Date Debit 4 May 31 5 May 31 Credit Balance No. 0 Date April 30 Debit Credit Balance 40,000 90,500 90,500 56.000 146,500 44 Paid-in capital in excess of par Common No. Date Debit Credit Retained earnings Balance No. Date Debit Credit Balance www. Factory wages payable No. Date Debit 4 4 May 31 4 5 May 31 Credit Balance No. Date 0 April 30 90,500 90,500 56,000 146,500 Common stock, $5 par value Debit Credit Balance 40,000 Paid in capital in excess of par-Common Retained earnings No. Date April 30 Debit Credit Balance No. Date Debit Credit Balance 34,000 April 30 288,900 Sales Cost of goods sold No. Date Debit Credit Balance: No. Date Debit Credit Balance 0 0 10 May 31 456,000 456,000 11 May 31 354,030 354,030 Carlberg Company Trial Balance April 30, 2022 Account Title Cash Accounts receivable Raw materials inventory Work in process inventory-Stitching Finished goods inventory Work in process inventory-Cutting Factory overhead Factory Equipment Accumulated depreciation Factory equipment Accounts payable Factory wages payable 44 Common stock, $5 par value Paid-in capital in excess of par- Common Retained earnings Sales Cost of goods sold Total Debit Credit $ 198,000 484,000 36,400 85,500 18,250 54,000 8,220 50,000 10,000 313,000 146.500 40.000 34,000 288,900 456,000 354,030 1,288,400 $ 1,288,400 Factory Overhead (Actual costs) Indirect materials used Indirect labor used Other overhead costs. Factory Overhead Rates Cutting Stitching Sales $ 21,600 56,000 52,000 (150% of direct materials used) (120% of direct labor used) $ 456,000 Requirement General Journal General Trial Balance Ledger Raw Materials Cost of Goods Mfg Cutting Cost of Goods Mfg Stitching Cost of Goods Sold Gross Profit $ Verify the ending balance in raw materials inventory. Materials used should be indicated with a minus sign. Beginning Raw Materials Inventory Raw materials purchased Materials available for use Direct materials used 31,000 50,000 81,000 (23.000) Indirect materials used (21.600) Ending raw material inventory $ 36,400 Sales $ 456,000 Requirement General Journal General Ledger Trial Balance Raw Materials Cost of Goods Mfg Cutting Cost of Goods Mfg Stitching Cost of Goods Sold Gross Profit Prepare a schedule of cost of goods manufactured for the Cutting Department for the month of May. Direct materials used Direct labor used Factory overhead applied Total manufacturing costs added during May Add. Beginning work in process inventory Total cost of work in process Less: Ending work in process inventory Cost of goods manufactured $ 23.000 18,100 34,500 $ 75,600 93,500 169,100 (54,000) 115,100 Dates: April 30 to: April 30 Sales $ 456,000 Requirement General Journal General Ledger Trial Balance Raw Materials Cost of Goods Mfg Cutting Cost of Cost of Goods Mfg Goods Sold Gross Profit Stitching Prepare a schedule of cost of goods manufactured for the Stitching Department for the month of May. Transferred-in from Cutting Direct labor used Factory overhead applied Total manufacturing costs added during May Add Beginning work in process inventory Total cost of work in process Less Ending work in process inventory Cost of goods manufactured S 115,100 72,400 86.880 Dates: April 30 S 274,380 113,300 387,680 (85,500) 302.180 Cost of Goods Mfg Cutting Cost of Goods Sold > to: April 30 4 Sales $ 456,000 Requirement General Journal General Ledger Trial Balance Raw Materials Cost of Goods Mfg Cutting Cost of Goods Mfg Stitching Cost of Goods Sold Gross Profit 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. Book Dates: April 30 to: April 30 rences Calculate cost of goods sold: Beginning finished goods inventory $ 70,100 Cost of goods manufactured 302,180 Cost of goods available for sale 372 280 Ending finished goods inventory Cost of goods sold (18,250) 354.030 Sales $ 456,000 Requirement General Journal General Ledger Trial Balance Raw Materials Cost of Goods Mfg Cutting Calculate the value of gross profit for the month of May. Gross Profit Sales $ 456,000 Cost of goods sold (354.030) $ 101,970 < Cost of Goods Sold Cost of Goods Mfg Stitching Cost of Goods Sold Gross Profit Dates: April 30 to: April 30