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Required information [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. Rav materials inventory Ending Inventory $ 54,850 100,500 Work in process inventory-Cutting Work in process inventory-Stitching Finished goods inventory 85,300 24,250 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 $ 19,600 78,400 Sales Beginning Inventory $ 46,000 123,500 143,300 36,100 $ 65,000 23,750 0 $ 32,400 56,600 55,000 e. Indirect labor used f. Other overhead costs paid in cash g. Overhead applied h. Goods transferred from Cutting to Stitching i. Goods transferred from Stitching to finished goods j. Sales (on account) k. Cost of goods sold 150% of direct materials used 120 of direct labor used $ 576,000 2. Prepare May 31 journal entries to record the following May activities: a. Raw materials purchases b. Direct materials used c. Indirect materials used d. Direct labor used

Required information [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. Rav materials inventory Ending Inventory $ 54,850 100,500 Work in process inventory-Cutting Work in process inventory-Stitching Finished goods inventory 85,300 24,250 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 $ 19,600 78,400 Sales Beginning Inventory $ 46,000 123,500 143,300 36,100 $ 65,000 23,750 0 $ 32,400 56,600 55,000 e. Indirect labor used f. Other overhead costs paid in cash g. Overhead applied h. Goods transferred from Cutting to Stitching i. Goods transferred from Stitching to finished goods j. Sales (on account) k. Cost of goods sold 150% of direct materials used 120 of direct labor used $ 576,000 2. Prepare May 31 journal entries to record the following May activities: a. Raw materials purchases b. Direct materials used c. Indirect materials used d. Direct labor used

Principles of Cost Accounting
Principles of Cost Accounting
17th Edition
ISBN:9781305087408
Author:Edward J. Vanderbeck, Maria R. Mitchell
Publisher:Edward J. Vanderbeck, Maria R. Mitchell
Chapter2: Accounting For Materials
Section: Chapter Questions
Problem 5P: Inventory costing methods The purchases and issues of rubber gaskets (Materials Ledger #11216) as...
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2 12 2:43 Required information [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. Raw materials inventory Ending Inventory $ 54,850 100,500 85,300 Work in process inventory-Cutting Work in process inventory-Stitching Finished goods inventory 24,250 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 19,600 78,400 c. Indirect materials used d. Direct labor used j. Sales (on account) k. Cost of goods sold Beginning Inventory $ 46,000 123,500 143,300 36,100 $ 65,000 23,750 0 $ 32,400 56,600 55,000 2. Prepare May 31 journal entries to record the following May activities: a. Raw materials purchases b. Direct materials used e. Indirect labor used f. Other overhead costs paid in cash g. Overhead applied h. Goods transferred from Cutting to Stitching i. Goods transferred from Stitching to finished goods 150% of direct materials used 120% of direct labor used $ 576,000
Transcribed Image Text:2 12 2:43 Required information [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. Raw materials inventory Ending Inventory $ 54,850 100,500 85,300 Work in process inventory-Cutting Work in process inventory-Stitching Finished goods inventory 24,250 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 19,600 78,400 c. Indirect materials used d. Direct labor used j. Sales (on account) k. Cost of goods sold Beginning Inventory $ 46,000 123,500 143,300 36,100 $ 65,000 23,750 0 $ 32,400 56,600 55,000 2. Prepare May 31 journal entries to record the following May activities: a. Raw materials purchases b. Direct materials used e. Indirect labor used f. Other overhead costs paid in cash g. Overhead applied h. Goods transferred from Cutting to Stitching i. Goods transferred from Stitching to finished goods 150% of direct materials used 120% of direct labor used $ 576,000
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