Major League Bat Company manufactures baseball bats. In addition
to its work in process inventories, the company maintains
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 conversion costs are applied
uniformly throughout the production process.
Required:
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, $31,000; Work in Process Inventory, $7,985
($3,260 of direct materials and $4,725 of conversion); Finished
Goods Inventory, $120,000; Sales, $0; Cost of Goods Sold, $0;
Factory Payroll Payable, $0; and Factory Overhead, $0.
1. Prepare journal entries to record the following
July transactions and events.
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 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 $295,700
for $685,000 in cash.
4. Post entries from parts 1 and 3 to the
following general ledger accounts.
5. Compute the amount of gross profit from
the sales in July.
Prepare journal entries to record the following July
transactions and events.
a. Purchased raw materials for $175,000
cash.
b. Used raw materials as follows: direct
materials, $45,040; and indirect materials, $16,000.
c. Recorded factory wages payable costs as
follows: direct labor, $217,250; and indirect labor, $31,000.
d. Incurred other actual factory overhead
costs of $61,625 paid in cash.
e. Applied factory overhead to production at
50% of direct labor costs.
**The choices for the drop down boxes are listed below.
The next pictures show the 7 different worksheets that I need help
with. There is more to the problem but I will ask that in a
subsequent question.
- Comprehensive Problem Major League Bat Company Algo Major League Bat Company Manufactures Baseball Bats In Addition T 1 (42.38 KiB) Viewed 43 times
- Comprehensive Problem Major League Bat Company Algo Major League Bat Company Manufactures Baseball Bats In Addition T 2 (41.8 KiB) Viewed 43 times
- Comprehensive Problem Major League Bat Company Algo Major League Bat Company Manufactures Baseball Bats In Addition T 3 (40.77 KiB) Viewed 43 times
Journal entry worksheet < 1 2 3 4 5 6 7 > Record the purchase of raw materials for cash. Note: Enter debits before credits. Transaction General Journal Debit Credit a. Record entry Clear entry View general journal
Journal entry worksheet < 1 2 3 4 5 6 7 > Record the use of direct materials. Note: Enter debits before credits. Transaction General Journal Debit Credit b1. Record entry Clear entry View general journal
Journal entry worksheet < 1 2 3 4 5 6 7 > Record the use of indirect materials. Note: Enter debits before credits. Transaction General Journal Debit Credit b2. Record entry Clear entry View general journal
Journal entry worksheet < 1 2 3 4 5 6 7 > Record the direct labor cost incurred, but not yet paid. Note: Enter debits before credits. Transaction General Journal Debit Credit c1. Record entry Clear entry View general journal
Journal entry worksheet < 1 2 3 4 5 6 7 > Record the indirect labor cost incurred, but not yet paid. Note: Enter debits before credits. General Joumal Debit Credit Transaction c2 Record entry Clear entry View general journal
Journal entry worksheet < 1 2 3 4 5 6 7 Record other overhead paid in cash. Note: Enter debits before credits. Transaction General Journal Debit Credit d. Record entry Clear entry View general journal
Journal entry worksheet < 1 2 3 4 5 6 7 > Record overhead applied at 50% of direct labor. Note: Enter debits before credits. Transaction General Journal Debit Credit e. Record entry Clear entry View general journal