Transaction list:

1 Record the purchase of materials (on credit). 2 Record direct materials used in production. 3 Record the usage of indirect materials. 4 Record the cost of direct labor incurred but not yet paid. (Use "Factory wages payable" account). 5 Record the cost of indirect labor incurred but not yet paid. (Use "Factory wages payable" account). 6 Record the payment of the total factory payroll. 7 Record the cost of other factory overhead costs (credit Other accounts). 8 Record the application of overhead at a rate of 150% of direct materials costs (Cutting) and 120% of direct labor cost (Stitching). 9 Record the transferred costs of partially completed goods. 10 Record the transfer of production to finished goods, as calculated on the Cost of Goods Manufactured tab. 11 Record the cost of goods sold, as calculated on the cost of goods sold tab. 12 Record the sale of goods on account.

Williams 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 $135,000 3e3,500 323,300 280, 100 Ending Inventory $165,550 64,500 190,500 60,250 The following additional Information describes the company's production activities for May. Direct materials Raw materials purchased on credit Direct materials used-cutting Direct materials used-stitching $155,600 28,250 Direct labor Direct labor-cutting Direct labor-stitching Total factory payroll paid (in cash) $ 28,600 114,400 283,200 Factory Overhead (Actual costs) Indirect materials used Indirect labor used Other overhead costs $ 97,200 60,200 73,00 Factory Overhead Rates Cutting (150% of direct materials used) stitching (120% of direct labor used) Sales $1,336,000 General General Raw Cost of Cost of Cost of Requirement Trial Balance Journal Ledger Materials Goods Mfg Goods Mfg Gross Profit Cutting Stitching Goods Sold General Journal tab - Prepare journal entries to record the transactions of Williams Company during the month of May. Cost of Materials Used 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 Williams Company for the month of May. Cost of Goods Sold tab - Prepare a schedule of cost of goods sold for Williams Company for the month of May. Gross Profit tab - Calculate the gross profit on sales for May. 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 journal entries for the month of May's transactions. View transaction list View journal entry worksheet No Date Account Title Debit Credit Raw General Cost of General Cost of Requirement Cost of Trial Balance Journal Ledger Materials Goods Mfg Goods Mfg Gross Profit Goods Sold Cutting Stitching Verify the ending balance in raw materials inventory. Enter the amount of materials used as negative values. Beginning Raw Materials Inventory Materials available for use Ending raw material inventory Cost of Cost of General General Raw Requirement Cost of Trial Balance Goods Mfg Goods Mfg Journal Gross Profit Ledger Materials Goods Sold Cutting Stitching Prepare a schedule of cost of goods manufactured for Williams Company 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 General General Raw Cost of Requirement Trial Balance Goods Mfg Goods Mfg Gross Profit Journal Ledger Materials Goods Sold Cutting Stitching Prepare schedule of cost of goods manufactured for Williams Company 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 General General Raw Cost of Requirement Trial Balance Goods Mfg Ledger Gross Profit Goods Mfg Journal 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 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 Goods Mfg Stitching Cost of Goods Sold Cost of General General Raw Requirement Trial Balance Goods Mfg Journal Ledger Materials Cutting Calculate the value of gross profit for the month of May. Gross Profit Dates: Apr 30 to: Apr 30 Gross Profit