, X ehpsxleldentXlC0tX @Quesx MMHEXI"VitEIEXIGIm'onXIGprepin-ProceXIGtotalxl[33le+ 6 9 C' O i ezto.mheducation.c0m/ext/map/index.html?,con=con8texternaLbrowser=05tlaunchUrI=https%253A%25ZF%252Fnewconnectmheducation.com%252F#... {I I o 5 Week 5 Homework 0 Saved Help Save& Exit Submit Check my work 1 . Major League Bat Company manufactures baseball bats. In addition to its work in process inventories, the company maintains I inventories of raw materials and finished goods. It uses raw materials as direct materials in production and as indirect materials. Its factory payroll costs include direct labor for production and indirect labor. All materials are added at the beginning of the process, and 10 conversion costs are applied uniformly throughout the production process. points Required: You are to maintain records and produce measures of inventories to reect the July events of this company. The June 30 balances: eBook Raw Materials Inventory, $25,000; Work in Process Inventory, $8,135 ($2,660 of direct materials and $5,475 of conversion); Finished Goods Inventory, $110,000; Sales, $0; Cost of Goods Sold, $0; Factory Payroll Payable, $0; and Factory Overhead, $0. R r - - ' ' e memes 1. PrepareJournal entries to record the followrng July transactions and events. a. Purchased raw materials for $125,000 cash (the company uses a perpetual inventory system). I). Used raw materials as follows: direct materials, $52,440; and indirect materials, $10,000. c. Recorded factory payroll payable costs as follows: direct labor, $202,250; and indirect labor, $25,000. (:1. Paid factory payroll cost of $227,250 with cash (ignore taxes). e. Incurred additional factory overhead costs of $80,000 paid in cash. f. Allocated factory overhead to production at 50% of direct labor costs. View transaction list View journal entry worksheet ,0 Type here to search f} 92F Mostlycloudy A 5 El Q") :5\" 1100 PM 8/2/2021 0 X https x Ident x B Cost X Ques X M MHE X Vitals X G Infor X G prep: X XD Proce X G total X | 3.3 P X + -> C D A ezto.mheducation.com/ext/map/index.html?_con=con&external_browser=0&launchUrl=https%253A%252F%252Fnewconnect.mheducation.com%252F#.. . . . Week 5 Homework i Saved Help Save & Exit Submit Check my work 2. Information about the July inventories follows. Use this information with that from part 1 to prepare a process cost summary, assuming the weighted-average method is used. (Round "Cost per EUP" to 2 decimal places.) Units 10 Beginning inventory 5, 000 units points Started 14, 000 units Ending inventory 8, 000 units Beginning inventory Materials-Percent complete 100% eBook Conversion-Percent complete 75% References Ending inventory Materials-Percent complete 100% Conversion-Percent complete 40% Total costs to account for: Cost of beginning work in process $ Costs incurred this period 334,690 Total costs to account for: 334,690 $ 0 Mc Graw Hill Type here to search O 920F Mostly cloudy ~ ( 4.) 1:01 PM 8/2/20210 X https x Ident x B Cost X Ques X M MHE X Vitals X G Infor X G prep: X XD Proce X G total X | 3.3 P X + -> C D A ezto.mheducation.com/ext/map/index.html?_con=con&external_browser=0&launchUrl=https%253A%252F%252Fnewconnect.mheducation.com%252F#.. . . . Week 5 Homework i Saved Help Save & Exit Submit Check my work Unit reconciliation: Units to account for: Beginning work in process inventory - units 5.000 Units started this period 14,000 10 Total units to account for 19,000 points Total units accounted for: Units completed and transferred out 11,000 eBook Ending work in process - units 8,000 References Total units accounted for 19,000 Equivalent units of production (EUP)- weighted average method Units EUP- % Materials EUP- Materials % Labor Conversion Units completed and transferred out Ending work in process - units Total units Cost per equivalent unit of production Materials Conversion Total costs Costs Costs Mc Graw Hill Type here to search 92OF Mostly cloudy ~ ( 4.) 1:01 PM 8/2/20210 X https x Ident x B Cost X Ques X M MHE X Vitals X G Infor X G prep: X XD Proce X G total X | 3.3 P X + -> C D A ezto.mheducation.com/ext/map/index.html?_con=con&external_browser=0&launchUrl=https%253A%252F%252Fnewconnect.mheducation.com%252F#.. . . . Week 5 Homework i Saved Help Save & Exit Submit Check my work LINIITY VIVIR III PIULESS - UIIILO Total units Cost per equivalent unit of production Materials Conversion 10 points Total costs Costs Costs : Equivalent units of production EUP EUP eBook Cost per equivalent unit of production (rounded to 2 decimals) 0 References Total costs accounted for: Cost of units transferred out: EUP Cost per EUP Total cost Direct materials Conversion Total costs transferred out Costs of ending goods in process EUP Cost per EUP Total cost Direct materials 0.00 $ 0 Conversion $ 0.00 0 Total cost of ending goods in process Total costs accounted for Mc Graw Hill Type here to search O 1:02 PM 92.F Mostly cloudy ~ ( 4.) 8/2/20210 X https x Ident x B Cost X Ques X M MHE X Vitals X G Infor X G prep: X XD Proce X G total X | 3.3 P X + -> C D A ezto.mheducation.com/ext/map/index.html?_con=con&external_browser=0&launchUrl=https%253A%252F%252Fnewconnect.mheducation.com%252F#.. . . . Week 5 Homework i Saved Help Save & Exit Submit Check my work 3. Using the results from part 2 and the available information, make computations and prepare journal entries to record the following: g. Total costs transferred to finished goods for July. h. Sale of finished goods costing $265,700 for $625,000 in cash. 10 points View transaction list View journal entry worksheet X eBook No Transaction General journal Debit Credit 1 References g. Finished goods inventory Work in process inventory 2 h . Cash Cost of goods sold Mc Graw Hill Type here to search 920F Mostly cloudy ~ ( 4) 1:02 PM 8/2/20210 X https x Ident x B Cost X Ques X M MHE X Vitals X G Infor X G prep: X XD Proce X G total X | 3.3 P X + -> C D A ezto.mheducation.com/ext/map/index.html?_con=con&external_browser=0&launchUrl=https%253A%252F%252Fnewconnect.mheducation.com%252F#.. . . . Week 5 Homework i Saved Help Save & Exit Submit Check my work 4. Post entries from parts 1 and 3 to the following general ledger accounts. Raw Materials Inventory Acct. No. 132 Work in Process Inventory Acct. No. 133 10 Date Debit Credit Balance Date Debit Credit Balance points June 30 June 30 8, 135 eBook References Finished Goods Inventory Acct. No. 135 Factory Wages Payable Acct. No. 212 Date Debit Credit Balance Date Debit Credit Balance June 30 110,000 Mc Graw Hill Type here to search 92.F Mostly cloudy ~ ( 4) 1:03 PM 8/2/20210 X https x Ident x B Cost X Ques X M MHE X Vitals X G Infor X G prep: X XD Proce X G total X | 3.3 P X + -> C D A ezto.mheducation.com/ext/map/index.html?_con=con&external_browser=0&launchUrl=https%253A%252F%252Fnewconnect.mheducation.com%252F#.. . . . Week 5 Homework i Saved Help Save & Exit Submit Check my work Sales Acct. No. 413 Cost of Goods Sold Acct. No. 502 Date Debit Credit Balance Date Debit Credit Balance 10 points eBook Factory Overhead Acct. No. 540 References Date Debit Credit Balance Mc Graw Hill Type here to search 920F Mostly cloudy ~ ( 4) 1:03 PM 8/2/20210 X https x Ident x B Cost X Ques X M MHE X Vitals X G Infor X G prep: X XD Proce X G total X | 3.3 P X + -> C D A ezto.mheducation.com/ext/map/index.html?_con=con&external_browser=0&launchUrl=https%253A%252F%252Fnewconnect.mheducation.com%252F#.. . . . Week 5 Homework i Saved Help Save & Exit Submit Check my work 10 points eBook References 5. Compute the amount of gross profit from the sales in July. (Add any underapplied overhead to, or deduct any overapplied overhead from, the cost of goods sold.) Gross profit Mc Graw Hill Type here to search 920F Mostly cloudy ~ ( 4) 1:04 PM 8/2/2021