GL1601 - Based on Problem 16-5A (Algo) LO P3, P4 Walsh Company manufactures soccer balls in two sequential processes: Cutting and Stitching. All direct materials enter production at the beginning of the Cutting process. The following information is available regarding its May inventories: Raw materials inventory Work in process inventory-Cutting Work in process inventory-Stitching Finished goods inventory Beginning Inventory Ending Inventory $ 111,000 $ 134,800 253,500 62,000 273,300 230,100 165,500 50,250 The following additional information describes the company's production activities for May. Direct materials es Raw materials purchased on credit Direct materials used-Cutting $ 130,000 27,000 0 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 $ 26,100 104,400 $ 79,200 59,200 68,000 (150% of direct materials used) (120% of direct labor used) Sales $ 1,096,000 Requirement General Journal General Ledger Trial Balance Raw Materials Cost of Goods Mfg Cutting Prepare journal entries for the month of May's transactions. View transaction list Journal entry worksheet Cost of Goods Mfg Stitching Cost of Goods Sold Gross Profit < 1 2 3 4 5 6 7 8 11 ***** > Record the purchase of materials (on credit). Note: Enter debits before credits.
GL1601 - Based on Problem 16-5A (Algo) LO P3, P4 Walsh Company manufactures soccer balls in two sequential processes: Cutting and Stitching. All direct materials enter production at the beginning of the Cutting process. The following information is available regarding its May inventories: Raw materials inventory Work in process inventory-Cutting Work in process inventory-Stitching Finished goods inventory Beginning Inventory Ending Inventory $ 111,000 $ 134,800 253,500 62,000 273,300 230,100 165,500 50,250 The following additional information describes the company's production activities for May. Direct materials es Raw materials purchased on credit Direct materials used-Cutting $ 130,000 27,000 0 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 $ 26,100 104,400 $ 79,200 59,200 68,000 (150% of direct materials used) (120% of direct labor used) Sales $ 1,096,000 Requirement General Journal General Ledger Trial Balance Raw Materials Cost of Goods Mfg Cutting Prepare journal entries for the month of May's transactions. View transaction list Journal entry worksheet Cost of Goods Mfg Stitching Cost of Goods Sold Gross Profit < 1 2 3 4 5 6 7 8 11 ***** > Record the purchase of materials (on credit). Note: Enter debits before credits.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
Help me
Transcribed Image Text:GL1601 - Based on Problem 16-5A (Algo) LO P3, P4
Walsh Company manufactures soccer balls in two sequential processes: Cutting and Stitching. All direct materials enter production at
the beginning of the Cutting process. The following information is available regarding its May inventories:
Beginning
Inventory
Ending
Inventory
$ 111,000
$ 134,800
253,500
62,000
273,300
230,100
165,500
50,250
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
es
Raw materials purchased on credit
Direct materials used-Cutting
$ 130,000
27,000
0
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
$ 26,100
104,400
$ 79,200
59,200
68,000
(150% of direct materials used)
(120% of direct labor used)
Sales
$ 1,096,000
Requirement
General
Journal
General
Ledger
Trial Balance
Raw
Materials
Cost of
Goods Mfg
Cutting
Cost of
Goods Mfg
Stitching
Prepare journal entries for the month of May's transactions.
View transaction list
Journal entry worksheet
Cost of
Goods Sold Gross Profit
1
2
3
4
5
6
7
8
11
>
Record the purchase of materials (on credit).
Note: Enter debits before credits.
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
Step by step
Solved in 3 steps
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education