Walsh 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: Beginning Inventory $111,000 253,500 Ending Inventory $134,800 62,000 Raw materials inventory Work in process inventory- Cutting Work in process inventory- Stitching Finished goods inventory 273,300 230, 100 165,500 50,250 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 $130,000 27,000 Direct labor Direct labor-Cutting Direct labor-Stitching Total factor navroll naid (in $ 26, 100 104,400 Direct labor Direct labor-Cutting Direct labor Stitching Total factory payroll paid (in cash) $ 26,100 184,400 189,700 Factory Overhead (Actual costs) Indirect materials used $79,200 Indirect labor used 59,200 Other overhead costs 68,000 Factory Overhead Rates Cutting (150% of direct materials used) Stitching (120% of direct labor used) Sales $1,096,000 Requirement Cost of General Journal General Ledger Trial Balance Cost of Cost of Goods Mfg Goods Mfg Raw Materials Goods Sold Gross Profit Cutting Stitching General Journal tab - Prepare journal entries to record the transactions of Walsh Company during the month of May. Prev 1 of 1 !!! Next earch Indirect materials used Indirect labor used Other overhead costs $79,200 59,200 68,000 Factory Overhead Rates Cutting (150% of direct materials used) Stitching (120% of direct labor used) Sales $1,096,000 General General Requirement Cost of Raw Cost of Journal Cost of Trial Balance Ledger Materials Me woods Mg Goods Mig Gross Profit Cutting Goods Sold Stitching General Journal tab - Prepare journal entries to record the transactions of Walsh 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 Walsh Company for the month of May. Cost of Goods Sold tab - Prepare a schedule of cost of goods sold for Walsh Company for the month of May. Gross Profit tab - Calculate the gross profit on sales for May. General Journal > Walsh 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: Beginning Inventory $111,000 253,500 Ending Inventory $134,800 62,000 Raw materials inventory Work in process inventory- Cutting Work in process inventory- Stitching Finished goods inventory 273,300 230, 100 165,500 50,250 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 $130,000 27,000 Direct labor Direct labor-Cutting Direct labor-Stitching Total factor navroll naid (in $ 26, 100 104,400 Direct labor Direct labor-Cutting Direct labor Stitching Total factory payroll paid (in cash) $ 26,100 184,400 189,700 Factory Overhead (Actual costs) Indirect materials used $79,200 Indirect labor used 59,200 Other overhead costs 68,000 Factory Overhead Rates Cutting (150% of direct materials used) Stitching (120% of direct labor used) Sales $1,096,000 Requirement Cost of General Journal General Ledger Trial Balance Cost of Cost of Goods Mfg Goods Mfg Raw Materials Goods Sold Gross Profit Cutting Stitching General Journal tab - Prepare journal entries to record the transactions of Walsh Company during the month of May. Prev 1 of 1 !!! Next earch Indirect materials used Indirect labor used Other overhead costs $79,200 59,200 68,000 Factory Overhead Rates Cutting (150% of direct materials used) Stitching (120% of direct labor used) Sales $1,096,000 General General Requirement Cost of Raw Cost of Journal Cost of Trial Balance Ledger Materials Me woods Mg Goods Mig Gross Profit Cutting Goods Sold Stitching General Journal tab - Prepare journal entries to record the transactions of Walsh 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 Walsh Company for the month of May. Cost of Goods Sold tab - Prepare a schedule of cost of goods sold for Walsh Company for the month of May. Gross Profit tab - Calculate the gross profit on sales for May. General Journal >
