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Comprehensive Problem Major League Bat Company (Static) Majoc Leaque Bat Company : inventoties of raw materials a factory phyioti costs thetude d comersion costs are applied 1 Ifactures baseball bats. In addition to its work in process inventories, the company ruaintalis nished goods. It uses raw materlals as direct materlals in production and as indirect materinte, it. arily thoughout tie pioduction process Required: Coods Inventoly, $110,000, Salex, \$0; Cost of Coods Sold, $0; Factory Wages Poysble, $0, and Foctory Overhead, $0. 1. Prepare journal entries fo record the following July transacions and events. c. Fecorded tactory wages pe ible costs as foltows direct labor, $202,250, and indirect labor, $,000, d. Incirced other octual factory wertheod costs of $66,125 paid in cash. e, Applied factary evethead to production at 50% of direct laber cost 2. inforination abocit the July work in process (WIP) inventory follows. Use this intormation with that from patt 1 to prepare a production cost report. ossuming the reighted average method is used. o. Purchased raw materials for $125,000 cash. b. Used raw materials as follows; direct materials, $52,440, and indirect materials, $10,000. c. Recorded factory wages payable costs as follows; direct labor, \$202,250, and indirect labor, \$25,000. d. Incurred other actual factory overhead costs of $66,125 paid in cash. e. Applled factory overhead to production at 50% of disect 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. 3. Using the resuits from part 2 and the avoiable information, make computations and prepare joum al entries to record the following: f. Totai costs transferted to finished goodis for July. 9. Sale of finished goods costing $265,700 for $625,000 in cash. 4. Post entries from ports 1 and 3 to the following general ledger accounts: 3. Using the results from part 2 and the avallable informatlon, make computations and prepare journal entries to record the forlowing f. Total costs transferred to rinished goods for July. 9. Sale of finished goods co ing $265,700 for $625,000 in cash. 4. Post entries from parts 1 and 31 in ine following general ledger accounts. 5. Compute the amount of gross p if ifrom the sales in July. Complete this question by entering vour answers in the tabs below. Post entries from parts 1 and 3 to the foliowicer general fedper accounts. 3. Using the results from part 2 and the avallable information, make computations and prepare journal entries to record foltowng: f. Total costs transferred to finished goods for July. g. Sale of finished goods costing $265,700 for $625,000 in cash. 4. Post entries from parts 1 and 7 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. Compute the amount of gross profit from the sales in July