Factory Overhead RatesCuttingStitching(150% of direct materials used)(120% of direct labor used)$616,000SalesProblem 20-1A Part 22. Prepare summary journal entries dated May 31 to record the following production activities during May: (a) raw materials purchases,(b) direct materials usage, (c) indirect materials usage, (d) direct labor costs incurred, (e) indirect labor costs incurred, (f) payment offactory payrollI, (g) other overhead costs, (credit Other Accounts), (h) overhead applied, (i) goods transferred from Cutting to Stitching,(j) goods transferred from Stitching to finished goods, (k) cost of goods sold, and (I) sales.View transaction listJournal entry worksheet1234567812>Record purchase of raw materials.Note: Enter debits before credits. Problem 20-1A Production cost flow and measurement; journal entries LO P1, P2, P3, P4[The following information applies to the questions displayed below.]Sierra Company manufactures soccer balls in two sequential processes: Cutting and Stitching. All direct materials enterproduction at the beginning of the Cutting process. The following information is available regarding its May inventories:BeginningInventoryEndingInventoryWork in process inventory-CuttingWork in process inventory-StitchingFinished goods inventory133,500153,30038,100105,50088,40026, 250The following additional information describes the company's production activities for May.Direct materialsRaw materials purchased on creditDirect materials used-CuttingDirect materials used-Stitching$ 70,00024,000Direct laborDirect labor-Cutting$ 20,100Direct labor-StitchingTotal factory payroll paid (in cash)80,400157, 300Factory Overhead (Actual costs)$ 36,00056,80056,000Indirect materials usedIndirect labor usedOther overhead costs

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Description: Factory Overhead RatesCuttingStitching(150% of direct materials used)(120% of direct labor used)$616,000SalesProblem 20-1A Part 22. Prepare summary journal entries dated May 31 to record the following production activities during May: (a) raw materi

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Factory Overhead Rates Cutting Stitching Sales (150% of direct materials used) (120% of direct labor used) $616,000 Problem 20-1A Part 2 2. Prepare summary journal entries dated May 31 to record the following production activities during May: (a) raw materials purchases, (b) direct materials usage, (c) indirect materials usage, (d) direct labor costs incurred, (e) indirect labor costs incurred, (f) payment of factory payroll, (g) other overhead costs, (credit Other Accounts). (h) overhead applied, (i) goods transferred from Cutting to Stitching, (1) goods transferred from Stitching to finished goods, (k) cost of goods sold, and (1) sales. View transaction list

Factory Overhead Rates Cutting Stitching Sales (150% of direct materials used) (120% of direct labor used) $616,000 Problem 20-1A Part 2 2. Prepare summary journal entries dated May 31 to record the following production activities during May: (a) raw materials purchases, (b) direct materials usage, (c) indirect materials usage, (d) direct labor costs incurred, (e) indirect labor costs incurred, (f) payment of factory payroll, (g) other overhead costs, (credit Other Accounts). (h) overhead applied, (i) goods transferred from Cutting to Stitching, (1) goods transferred from Stitching to finished goods, (k) cost of goods sold, and (1) sales. View transaction list

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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