Sierra Company manufactures soccer balls in two sequential processes: Cutting and Stitching. All direct materials enter...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
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. Raw materials inventory Beginning Ending Inventory Inventory $ $ 101,000 122,500 Work in process inventory- 233,500 155,500 Cutting Work in process inventory-253,300 119,400 Stitching Finished goods inventory 58,100 46,250 The following additional information describes the company's production activities for May. Direct materials Raw materials purchased on $ credit 120,000 Direct materials used- 26,500 Cutting Direct materials used- 0 Stitching Direct labor Direct labor- $ 25,100 Cutting Direct labor- 100,400 Stitching Factory Overhead (Actual costs) $ Indirect materials used 72,000 58,800 66,000 Indirect labor used Other overhead costs Factory Overhead Rates Cutting Stitching Sales 150% of direct materials used 120% of direct labor used $ 1,016,000 2. Prepare May 31 journal entries to record the following May activities: a. Raw materials purchases b. Direct materials used c. Indirect materials used d. Direct labor used e. Indirect labor used f. Other overhead costs paid in cash g. Overhead applied h. Goods transferred from Cutting to Stitching i. Goods transferred from Stitching to finished goods j. Sales (on account) k. Cost of goods sold View transaction list Journal entry worksheet < 1 2 3 4 5 60 7 8..... 11 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. Raw materials inventory Beginning Ending Inventory Inventory $ $ 101,000 122,500 Work in process inventory- 233,500 155,500 Cutting Work in process inventory-253,300 119,400 Stitching Finished goods inventory 58,100 46,250 The following additional information describes the company's production activities for May. Direct materials Raw materials purchased on $ credit 120,000 Direct materials used- 26,500 Cutting Direct materials used- 0 Stitching Direct labor Direct labor- $ 25,100 Cutting Direct labor- 100,400 Stitching Factory Overhead (Actual costs) $ Indirect materials used 72,000 58,800 66,000 Indirect labor used Other overhead costs Factory Overhead Rates Cutting Stitching Sales 150% of direct materials used 120% of direct labor used $ 1,016,000 2. Prepare May 31 journal entries to record the following May activities: a. Raw materials purchases b. Direct materials used c. Indirect materials used d. Direct labor used e. Indirect labor used f. Other overhead costs paid in cash g. Overhead applied h. Goods transferred from Cutting to Stitching i. Goods transferred from Stitching to finished goods j. Sales (on account) k. Cost of goods sold View transaction list Journal entry worksheet < 1 2 3 4 5 60 7 8..... 11
Expert Answer:
Answer rating: 100% (QA)
Answer a Raw materials purchases May 31 Raw Materials Inventory 120000 Accounts Payable 120000 b Dir... View the full answer
Related Book For
Posted Date:
Students also viewed these accounting questions
-
If there is a loss on the disposal of a depreciable asset: no cash was received in the disposal transaction. the net book value of the asset was negative. in retrospect, the life over which the asset...
-
Totals Securities Available-for-Sale: Security C Security D Totals Securities to Be Held-to-Maturity: Security E Security F Totals $1,185,000 $ 790,000 990,000 $1,780,000 $1,192,600 $ 861,000...
-
4. Let f(x), g(x), and h(x) be differentiable and continuous functions. Determine the following. (a) (4 points) Determine the derivative of y = f(x)9(x) h(x) y' = (b) (4 points) Determine the...
-
Joe rents his condo for $1,500 per month. Total rental and personal use days for the current year was 210 days and 20 days, respectively. What are the tax consequences for Joe?
-
Arrange for a group or team where you are a member to use the group or team process review checklist as a means of assisting the group/team to assess its goals, development and communication...
-
A 21-year-old songwriter signed a contract in 1966 with a music publisher. The standard-form contract assigned the copyrights of all the plaintiffs output to the defendant company in return for the...
-
How has feedback been incorporated in patient safety processes?
-
Seawater containing 3.50 wt % salts passes through a series of 10 evaporators. Roughly equal quantities of water are vaporized in each of the 10 units and then condensed and combined to obtain a...
-
A. assume the interest rate on a one-year U.S. government debt security is currently 9.5 percent compared with a 7.5 percent on a foreign country's comparable maturity debt security. if the U.s....
-
Kia Lopez (SSN 412-34-5670) resides at 101 Poker Street, Apt. 12A, Hickory, FL 34714. Her W-2 shows the following: Wages $ 56,500 Federal withholding 6,100 Social security wages 56,500 Social...
-
Cal student Karl is present-focused with B = 0.5 and 8 = 1. That is, on each day t, he maximizes Ut = ut + S-lur = ut + Sut+1 + 8 ut+2 + 8 ut+3 + ..., T=t+1 where ut is the instantaneous utility from...
-
Show that if the moment \(\overline{u^{n} v^{m}}\), if it exists, can be found from the joint characteristic function \(\mathbf{M}\left(\omega_{U}, \omega_{V} ight)\) by the formula \[...
-
Compare and contrast the role of the forecast support system, forecast technique, and forecast process.
-
Briefly describe two tests of controls you are likely to perform during the conduct of an information systems audit.
-
Compare and contrast a performance cycle node and a link. Give an example of each.
-
What is the purpose of undertaking tests of transactions? What type of audit risk is affected by the evidence collected from tests of transactions?
-
5. Angelina is purchasing a $181,000 house with a 30-year fixed-rate mortgage that has an interest rate of 6.3%. She will make a down payment of $36,200, so her mortgage will be for $144,800....
-
Differentiate the following terms/concepts: a. Personality types and money attitudes b. Planners and avoiders c. Moderating and adapting to biases d. "Perfectible judges" and "incorrigible judges"
-
Continuation of S10-5: cash budget (Learning Objective 3) Refer to S10-5. Grippers has $8,300 cash on hand on January 1. The company requires a minimum cash balance of $7,500. January cash...
-
Revise cash payments for purchases (Learning Objective 4) Refer to the original Whitewater Sporting Goods Data Set item 5. Suppose Whitewater Sporting Goods pays for 60% of inventory purchases in the...
-
Revise cash collections budget (Learning Objective 4) Turn to the original Whitewater Sporting Goods Data Set item 4. Suppose 70% of sales are cash and 30% are credit. Revise Whitewater's sales...
Study smarter with the SolutionInn App