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Raw materials inventory Work in process inventory-Cutting Work in process inventory-stitching Finished goods inventory Direct materials Rav materials purchased on credit Direct materials used-Cutting Direct materials used-titching 203,500 223,300 180, 100 he following additional information describes the company's production activities for May Direct Labor Direct laber-Cutting Direct Labor-stitching Factory Overhead (Actual conta Indirect materials used Indirect labor used Other overhead costs Cutting Stitching Sales No 1 3 4 5 General Requirement Journal General Tral Balance Ledger Material Prepare joumal entries for the month of May's transactions. Account Te 6 7 B 9 Date May 31 May 31 May 31 May 31 May 31 May 31 May 31 May 31 May 31 HM Raw materials inventory Accounts payable Factory overhead Rew materials inventory Beginning Inventory $14,000 (150s of direct naterials used) Factory overhead $ 105,000 Work in process inventory-Cutting Raw materials inventory Factory wages payable $ 23,600 Factory overhead Cash #61,200 18,200 63,000 Work in process inventory-Cuting Work in process inventary-Sitching Factory sages payabin No journal entry required Answer is not complete. Cost of Goods Mig Cutting Ending 2nvertory #104,050 Work in process inventory Sing Common stock, $5 par value 59,500 140,500 40,210 11 Cost of Goods Mig Stitching O • ● ● ● ● ... ● 00 • 00 • O O O Cost of Goods Sold 106,000 $1,200- 23.600 $4,4000 14.200 118.000 Che 105.000 G 25,750 61.200 O 118,000 58.200

Raw materials inventory Work in process inventory-Cutting Work in process inventory-stitching Finished goods inventory Direct materials Rav materials purchased on credit Direct materials used-Cutting Direct materials used-titching 203,500 223,300 180, 100 he following additional information describes the company's production activities for May Direct Labor Direct laber-Cutting Direct Labor-stitching Factory Overhead (Actual conta Indirect materials used Indirect labor used Other overhead costs Cutting Stitching Sales No 1 3 4 5 General Requirement Journal General Tral Balance Ledger Material Prepare joumal entries for the month of May's transactions. Account Te 6 7 B 9 Date May 31 May 31 May 31 May 31 May 31 May 31 May 31 May 31 May 31 HM Raw materials inventory Accounts payable Factory overhead Rew materials inventory Beginning Inventory $14,000 (150s of direct naterials used) Factory overhead $ 105,000 Work in process inventory-Cutting Raw materials inventory Factory wages payable $ 23,600 Factory overhead Cash #61,200 18,200 63,000 Work in process inventory-Cuting Work in process inventary-Sitching Factory sages payabin No journal entry required Answer is not complete. Cost of Goods Mig Cutting Ending 2nvertory #104,050 Work in process inventory Sing Common stock, $5 par value 59,500 140,500 40,210 11 Cost of Goods Mig Stitching O • ● ● ● ● ... ● 00 • 00 • O O O Cost of Goods Sold 106,000 $1,200- 23.600 $4,4000 14.200 118.000 Che 105.000 G 25,750 61.200 O 118,000 58.200

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Direct materials Rav materials purchased on credit Baw materiale inventory 886,000 203,500 Work in process inventory-Cutting Work in process inventory stitching Finished goods inventory 223,300 180, 100 The following additional information describes the company's production activities for May Direct materials used-Cutting Direct materials used-Stitching Direct labor Direct laber-Catting Direct labor-stitching Factory Overhead (Actual conta Indirect materials used Indirect labor used other overhead costs Factory Overhead Rates Cutting Stitching Bales Requirement No 1 2 3 General General Raw Tral Balance Journal Materials Ledger Prepare journal entries for the month of May's transactions. Account Title 4 5 6 7 8 9 10 11 Date May 31 May 31 May 31 May 31 May 31 May 31 May 31 May 31 May 31 May 31 May 31 Raw materials inventory Accounts payable Factory overhead 1150% of direct materials used) (320s of direct labor used) Raw materials inventory Beginning Inventory Factory overhead Work in process inventory-Cutting Raw materials inventory Factory wages payable $ 105,000 25,750 0 Factory overhead Cash $ 23,600 34,400 #61,200 18,200 63,000 Work in process inventory Cutting Work in process inventary-sching Factory wages payable No journal entry required Raw materials inventory Answer is not complete. Cost of Goods Mfg Cutting Work in process inventory Stiching Common stock, $5 par value Ending Inventory $ 104,050 59,500 140,500 40,250 Work in process inventory Stiching < Requirement Cost of Goods Mig Stitching 00 O 00 ● ● .. ... ● ● 00 · • 00 O 00 0 0 General Ledger > Cost of Goods Sold Gees Prof Debit 105,000 25.750 61,200 - 23.600 94,400 Ⓒ 58.200 118,000 Cred 105.000 25,750 € 61,200 118,000 58.200
Transcribed Image Text:Direct materials Rav materials purchased on credit Baw materiale inventory 886,000 203,500 Work in process inventory-Cutting Work in process inventory stitching Finished goods inventory 223,300 180, 100 The following additional information describes the company's production activities for May Direct materials used-Cutting Direct materials used-Stitching Direct labor Direct laber-Catting Direct labor-stitching Factory Overhead (Actual conta Indirect materials used Indirect labor used other overhead costs Factory Overhead Rates Cutting Stitching Bales Requirement No 1 2 3 General General Raw Tral Balance Journal Materials Ledger Prepare journal entries for the month of May's transactions. Account Title 4 5 6 7 8 9 10 11 Date May 31 May 31 May 31 May 31 May 31 May 31 May 31 May 31 May 31 May 31 May 31 Raw materials inventory Accounts payable Factory overhead 1150% of direct materials used) (320s of direct labor used) Raw materials inventory Beginning Inventory Factory overhead Work in process inventory-Cutting Raw materials inventory Factory wages payable $ 105,000 25,750 0 Factory overhead Cash $ 23,600 34,400 #61,200 18,200 63,000 Work in process inventory Cutting Work in process inventary-sching Factory wages payable No journal entry required Raw materials inventory Answer is not complete. Cost of Goods Mfg Cutting Work in process inventory Stiching Common stock, $5 par value Ending Inventory $ 104,050 59,500 140,500 40,250 Work in process inventory Stiching < Requirement Cost of Goods Mig Stitching 00 O 00 ● ● .. ... ● ● 00 · • 00 O 00 0 0 General Ledger > Cost of Goods Sold Gees Prof Debit 105,000 25.750 61,200 - 23.600 94,400 Ⓒ 58.200 118,000 Cred 105.000 25,750 € 61,200 118,000 58.200
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