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Callahan Company manufactures soccer balls in two sequential processes: Cutting and Stitching. All direct materials enter producti at the beginning of the Cutting process. The following information is available regarding its May inventories: Raw materials inventory Beginning Inventory $ 91,000 213,500 233,300 Work in process inventory-Cutting Work in process inventory-Stitching Finished goods inventory 190, 100 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 Requirement $ 936,000 General General Journal Ledger $ 110,000 26,000 $ 24,100 96,480 Trial Balance $ 64,800 58,480 64,000 (150 % of direct materials used) (128% of direct labor used) Cost of Goods Mfg Cutting Prepare a schedule of cost of goods manufactured for the Stitching Department for the month of May. Ending Inventory $ 110,200 60,000 145,500 42,250 Raw Materials Cost of Goods Mfg Stitching Cost of Goods Sold Gross Profit

Callahan Company manufactures soccer balls in two sequential processes: Cutting and Stitching. All direct materials enter producti at the beginning of the Cutting process. The following information is available regarding its May inventories: Raw materials inventory Beginning Inventory $ 91,000 213,500 233,300 Work in process inventory-Cutting Work in process inventory-Stitching Finished goods inventory 190, 100 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 Requirement $ 936,000 General General Journal Ledger $ 110,000 26,000 $ 24,100 96,480 Trial Balance $ 64,800 58,480 64,000 (150 % of direct materials used) (128% of direct labor used) Cost of Goods Mfg Cutting Prepare a schedule of cost of goods manufactured for the Stitching Department for the month of May. Ending Inventory $ 110,200 60,000 145,500 42,250 Raw Materials Cost of Goods Mfg Stitching Cost of Goods Sold Gross Profit

FINANCIAL ACCOUNTING
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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GLO301 - Based on Problem 3-5A (Algo) LO P3, P4 Callahan Company manufactures soccer balls in two sequential processes: Cutting and Stitching. All direct materials enter productio at the beginning of the Cutting process. The following information is available regarding its May inventories: Direct materials Raw materials purchased on credit Direct materials used-Cutting Direct materials used-Stitching 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 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 Requirement General Journal $936,000 Total cost of work in process General Ledger Beginning Inventory $ 91,000 213,500 233,300 190, 100 Total manufacturing costs added during May Trial Balance $ 110,000 26,000 8 Cost of Cost of Goods Mfg Cutting Goods Mfg Stitching Prepare a schedule of cost of goods manufactured for the Stitching Department for the month of May. Dates: April 30 to: April 30 $ 24,100 96,400 $ 64,800 58,400 64,000 (150% of direct materials used) (120% of direct labor used) Ending Inventory $ 110,200 Raw Materials 60,000 145,500 42,250 Cost of Goods Mfg Cutting Cost of Goods Sold Cost of Goods Sold > Gross Profit
Transcribed Image Text:GLO301 - Based on Problem 3-5A (Algo) LO P3, P4 Callahan Company manufactures soccer balls in two sequential processes: Cutting and Stitching. All direct materials enter productio at the beginning of the Cutting process. The following information is available regarding its May inventories: Direct materials Raw materials purchased on credit Direct materials used-Cutting Direct materials used-Stitching 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 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 Requirement General Journal $936,000 Total cost of work in process General Ledger Beginning Inventory $ 91,000 213,500 233,300 190, 100 Total manufacturing costs added during May Trial Balance $ 110,000 26,000 8 Cost of Cost of Goods Mfg Cutting Goods Mfg Stitching Prepare a schedule of cost of goods manufactured for the Stitching Department for the month of May. Dates: April 30 to: April 30 $ 24,100 96,400 $ 64,800 58,400 64,000 (150% of direct materials used) (120% of direct labor used) Ending Inventory $ 110,200 Raw Materials 60,000 145,500 42,250 Cost of Goods Mfg Cutting Cost of Goods Sold Cost of Goods Sold > Gross Profit
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