GLO301 - Based on Problem 3-5A (Algo) LO P3, P4 Carlberg 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 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 The following additional information describes the company's production activities for May. Factory Overhead Rates Cutting Stitching Sales Requirement General Ledger Gross Profit $ 456,000 $ Beginning Inventory $ 31,000 93,500 113,300 70,100 General Raw Materials Journal Calculate the value of gross profit for the month of May. Trial Balance 0 $ 50,000 23,000 0 $ 18,100 72,400 $ 21,600 56,000 52,000 (150% of direct materials used) (120% of direct labor used) Ending Inventory $ 36,400 54,000 85,500 18,250 to: April 30

GLO301 - Based on Problem 3-5A (Algo) LO P3, P4 Carlberg 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 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 The following additional information describes the company's production activities for May. Factory Overhead Rates Cutting Stitching Sales Requirement General Ledger Gross Profit $ 456,000 $ Beginning Inventory $ 31,000 93,500 113,300 70,100 General Raw Materials Journal Calculate the value of gross profit for the month of May. Trial Balance 0 $ 50,000 23,000 0 $ 18,100 72,400 $ 21,600 56,000 52,000 (150% of direct materials used) (120% of direct labor used) Ending Inventory $ 36,400 54,000 85,500 18,250 to: April 30

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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(a) Complete All Things Brass Work-In-Process Inventory – Polishing Process T-account, clearly showing the ending balance. (b) Prepare the journal entries for the:▪assignment of direct materials, direct labour incurred, and the manufacturing overhead applied to the Polishing Process▪cost of the units completed and transferred out to the Packaging Process
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Required Information Problem 3-5A (Algo) Production cost flow and measurement Journal entries LO 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 enter production 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 Inbor used Other overhead costs Factory Overhead Rates Cutting Stitching c. Indirect materials used d. Direct labor used $ 23,108 e.…
TB MC Qu. 14-140 (Static) Richards Company manufactures a single... Richards Company manufactures a single product. All raw materials used were direct materials. Current information for the company follows: Beginning raw materials inventory Ending raw materials inventory Raw material purchases Beginning work in process inventory Ending work in process inventory Direct labor Total factory overhead Option A Option B Option C Option D Option E Beginning finished goods inventory Ending finished goods inventory The company's cost of direct materials used, cost of goods manufactured and cost of goods sold are: Cost of Materials Used $90,000 $92,000 $88,000 $88,000 $92,000 Multiple Choice Option A Option B Option C Option D Option E Cost of Goods Manufactured $293,000 $293,000 $263,000 $293,000 $263,000 Cost of Goods Sold $ 10,000 12,000 90,000 40,000 $283,000 $303,000 $283,000 $303,000 $293,000 25,000 130,000 60,000 55,000 45,000
Part B: Compute the cost per equivalent unit fir direct materials and conversion costs Please avoid solutions image based solutions thanku
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Sierra 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 Raw materials inventory $ 81,000 $ 97,900 Work in process inventory—Cutting 193,500 135,500 Work in process inventory—Stitching 213,300 107,000 Finished goods inventory 50,100 38,250 The following additional information describes the company's production activities for May. Direct materials Raw materials purchased on credit $ 100,000 Direct materials used—Cutting 25,500 Direct materials used—Stitching 0 Direct labor Direct labor—Cutting $ 23,100 Direct labor—Stitching 92,400 Factory Overhead (Actual costs) Indirect materials used $ 57,600 Indirect labor used 58,000 Other overhead costs 62,000 Factory Overhead Rates Cutting 150% of direct…
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