at the beginning of the Cutting process. The following information is available regarding its May inventories: Ending Inventory $ 110,200 60,000 Raw materials inventory Work in process inventory-Cutting Work in process inventory-Stitching Finished goods inventory 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 Direct labor Direct labor-Cutting Direct labor-Stitching Factory Overhead (Actual costs) Indirect materials used Indirect labor used Other overhead costs Factory Overhead Rates Cutting Stitching Sales General Journal Requirement Beginning Inventory $ 91,000 213,500 233,300 190, 100 $ 936,000 General Ledger $ 110,000 26,000 $ 24,100 96,400 $ 64,800 58,400 64,000 (150% of direct materials used) (120% of direct labor used) 145,500 42,250 Raw Materials Cost of Goods Mfg Cutting Cost of Cost of Goods Mfg Goods Sold Stitching Trial Balance Calculate the value of cost of goods sold for the month of May. Ignore any over- or underapplied overhead in the calculation of cost of goods sold. Gross Profit

at the beginning of the Cutting process. The following information is available regarding its May inventories: Ending Inventory $ 110,200 60,000 Raw materials inventory Work in process inventory-Cutting Work in process inventory-Stitching Finished goods inventory 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 Direct labor Direct labor-Cutting Direct labor-Stitching Factory Overhead (Actual costs) Indirect materials used Indirect labor used Other overhead costs Factory Overhead Rates Cutting Stitching Sales General Journal Requirement Beginning Inventory $ 91,000 213,500 233,300 190, 100 $ 936,000 General Ledger $ 110,000 26,000 $ 24,100 96,400 $ 64,800 58,400 64,000 (150% of direct materials used) (120% of direct labor used) 145,500 42,250 Raw Materials Cost of Goods Mfg Cutting Cost of Cost of Goods Mfg Goods Sold Stitching Trial Balance Calculate the value of cost of goods sold for the month of May. Ignore any over- or underapplied overhead in the calculation of cost of goods sold. Gross Profit

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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