Beginning Inventory Ending Inventory Raw materials inventory Work in process inventory-Cutting Work in process inventory-Stitching Finished goods inventory $ 56,000 143,500 $ 67,150 110,500 163,300 91,500 40,100 28,250 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 Direct labor Direct labor-Cutting Direct labor-Stitching $ 20,600 82,400 Factory Overhead (Actual costs) Indirect materials used Indirect labor used Other overhead costs Factory Overhead Rates Cutting Stitching Sales $ 75,000 24,250 $ 39,600 57,000 57,000 0 150% of direct materials used 120% of direct labor used $ 656,000 1 4 5 6 7 8 9 11 Record transfer of goods from the Cutting department to the Stitching department. nces Note: Enter debits before credits. Date General Journal Debit Credit May 31 Work in process inventory-Stitching Work in process inventory-Cutting Record entry Clear entry View general journal

Beginning Inventory Ending Inventory Raw materials inventory Work in process inventory-Cutting Work in process inventory-Stitching Finished goods inventory $ 56,000 143,500 $ 67,150 110,500 163,300 91,500 40,100 28,250 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 Direct labor Direct labor-Cutting Direct labor-Stitching $ 20,600 82,400 Factory Overhead (Actual costs) Indirect materials used Indirect labor used Other overhead costs Factory Overhead Rates Cutting Stitching Sales $ 75,000 24,250 $ 39,600 57,000 57,000 0 150% of direct materials used 120% of direct labor used $ 656,000 1 4 5 6 7 8 9 11 Record transfer of goods from the Cutting department to the Stitching department. nces Note: Enter debits before credits. Date General Journal Debit Credit May 31 Work in process inventory-Stitching Work in process inventory-Cutting Record entry Clear entry View general journal

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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