You are to maintain records and produce measures of inventories to reflect the July events of this company. The June $30$ balances:

Raw Materials Inventory, $$34,000$; Work in Process Inventory, $$10,220($ $$3,410$ of direct materials and $$6,810$ of conversion$)$; Finished

Goods Inventory, $$150,000$; Sales, $$0$; Cost of Goods Sold, $$0$; Factory Payroll Payable, $$0$; and Factory Overhead, $$0.$

Prepare journal entries to record the following July transactions and events.

a$.$ Purchased raw materials for $$190,000$ cash.

b$.$ Used raw materials as follows: direct materials, $$55,090$; and indirect materials, $$17,500.$

c$.$ Recorded factory wages payable costs as follows: direct labor, $$221,000$; and indirect labor, $$32,500.$

d$.$ Incurred other actual factory overhead costs of $$60,500$ paid in cash.

e$.$ Applied factory overhead to production at $50\%$ of direct labor costs.

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.

Units

Beginning WIP inventory

Started

Units transferred out

Ending WIP inventory

$10,500$ units

$12,000$ units

$16,500$ units

$6,000$ units

Beginning WIP Inventory

Direct materials$-$Percent complete

Conversion$-$Percent complete

Ending WIP Inventory

Direct materials$-$Percent complete

Conversion$-$Percent complete

Using the results from part $2$ and the available information, make computations and prepare journal entries to record the

following:

f$.$ Total costs transferred to finished goods for July.

g$.$ Sale of finished goods costing $$303,200$ for $$700,000$ in cash.

Post entries from parts $1$ and $3$ to the following general ledger accounts.

Compute the amount of gross profit from the sales in July.