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GLO301 - Based on Problem 03-1A LO P1, P2, P3, P4 Stam Company manufactures soccer balls...

Question:

GLO301 - Based on Problem 03-1A LO P1, P2, P3, P4 Stam Company manufactures soccer balls in two sequential processes: Cutting
Factory Overhead (Actual costs) Indirect materials used $86,400 Indirect labor used 59,600 Other overhead costs 70,000 Factor
uirement Raw General Journal General Ledger Trial Balance Materials Cost of Goods Mfg Cutting Cost of Goods Mfg Stitching GOC
Co Requirement General Journal General Ledger Trial Balance Raw Materials Cost of Goods Mfg Cutting Cost of Goods Mfg Stitchi
Requirement General Journal General Ledger Trial Balance Raw Materials Cost of Goods Mfg Cutting Cost of Goods Mfg Stitching
Requirement General Journal General Ledger Trial Balance Raw Materials Cost of Cost of Goods Mfg Goods MfgG Cost of Cutting S
Requirement General Journal General Ledger Trial Balance Raw Materials Cost of Cost of Goods Mfg Goods Mfg Cutting Stitching
Requirement General Journal General Ledger Trial Balance Raw Materials Cost of Cost of Goods Mfg Goods Mfg Cutting Stitching
Requirement General Journal General Ledger Trial Balance Raw Materials Cost of Goods Mfg Cutting Cost of Goods Mfg Stitching
Requirement General Journal General Ledger Trial Balance Raw Materials Cost of Cost of Goods Mfg Goods Mfg Cutting Stitching
General Journal Requirement General Ledger Trial Balance Cost of Cost of Cost of Goods Mfg Goods Mfg Raw Materials Cutting St
View transaction list Journal entry worksheet < 1 ..... 5 6 9 10 .... 12 j. Record the transfer of production to finished goo
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General Requirement General Cost of Raw Cost of Journal Cost of Trial Balance Ledger Materials Goods Mfg Goods Mfg Cutting Gr
Cost of Goods Mfg Cutting - General Requirement Cost of General Cost of Trial Balance Raw Goods Mfg Goods Mfg Cost Journal Le
Cost of Goods Mfg Stitching General General Raw Requirement www Journal Trial Balance Ledger Ice Materials Goods Mfg Goods Mf
Ledger Cost of Cost of General General Trial Bala Raw Requirement Goods Mfg Goods Mfg Journal Trial Balance Ledger Materials
General Requirement General Journal Trial Balance Raw Cost of Cost of Goods Mfg Goods Mfg Cutting Stitching ed9 Materials Cal
GLO301 - Based on Problem 03-1A LO P1, P2, P3, P4 Stam 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 Ending Inventory Inventory $121,000 $147,100 273,500 63,000 293,388 175,500 250,100 54,250 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 $140,000 27,500 Direct labor Direct labor-cutting Direct labor-Stitching Total factory payroll paid (in cash) $ 27, 100 108,400 195, 100
Factory Overhead (Actual costs) Indirect materials used $86,400 Indirect labor used 59,600 Other overhead costs 70,000 Factory Overhead Rates Cutting (150% of direct materials used) Stitching (120% of direct labor used) Sales $1,176,000 Trial Balance Materials General General Raw Cost of Cost of Requirement Goods Mfg Goods Mfg Cost of Journal Ledger Cutting Gross Pront Goods Sold Stitching General Journal tab. Prepare journal entries to record the transactions of Stam Company during the month of May. Cost of Materials Used tab - Calculate the total cost of direct materials used in production during May. Cost of Goods Manufactured Cutting and Stitching tab - Prepare a schedule of cost of goods manufactured for Stam Company for the month of May. Cost of Goods Sold tab. Prepare a schedule of cost of goods sold for Stam Company for the month of May. Gross Profit tab - Calculate the gross profit on sales for May. General Journal >
uirement Raw General Journal General Ledger Trial Balance Materials Cost of Goods Mfg Cutting Cost of Goods Mfg Stitching GOC epare journal entries for the month of May's transactions. View transaction list Journal entry worksheet 1 2 3 4 5 6 7 8 ..... 12 > a. Record the purchase of materials (on credit Note: Enter debits before credits. Account Title Debit Credit Date May 31 Record entry Clear entry View general journal
Co Requirement General Journal General Ledger Trial Balance Raw Materials Cost of Goods Mfg Cutting Cost of Goods Mfg Stitching . Good Prepare journal entries for the month of May's transactions. View transaction list Journal entry worksheet < 1 2 3 4 5 6 7 8 ..... 12 .) b. Record direct materials used in production Note: Enter debits before credits. Account Title Debit Credit Date May 31 Record entry Clear entry View general journal
Requirement General Journal General Ledger Trial Balance Raw Materials Cost of Goods Mfg Cutting Cost of Goods Mfg Stitching Costc Goods Prepare journal entries for the month of May's transactions View transaction list Journal entry worksheet 5 6 7 8 ..... 12 c. Record the usage of indirect materials. Note: Enter debits before credits. Account Title Debit Credit Date May 31
Requirement General Journal General Ledger Trial Balance Raw Materials Cost of Cost of Goods Mfg Goods MfgG Cost of Cutting Stitching Goods Sold Gross Prepare journal entries for the month of May's transactions. View transaction list Journal entry worksheet < 1 2 3 4 5 6 7 8 ..... 12 > d. Record the cost of direct labor incurred but not yet paid. (Use "Factory wages payable" account). Note: Enter debits before credits ences Date Account Title Debit Credit May 31 Record entry Clear entry View general journal
Requirement General Journal General Ledger Trial Balance Raw Materials Cost of Cost of Goods Mfg Goods Mfg Cutting Stitching Cost of Goods Sold Gross Pro Prepare journal entries for the month of May's transactions. View transaction list Journal entry worksheet < 1 2 3 4 4 5 6 7 8 ..... 12 e. Record the cost of indirect labor incurred but not yet paid. (Use "Factory wages payable" account). Note: Enter debits before credits. Date Account Title Debit Credit May 31 Record entry Clear entry View general journal
Requirement General Journal General Ledger Trial Balance Raw Materials Cost of Cost of Goods Mfg Goods Mfg Cutting Stitching Cost of Goods Sold Gross Pr Gross Pre Prepare journal entries for the month of May's transactions. View transaction list Journal entry worksheet < 1 2 3 4 8 ..... 12 f. Record the payment of the total factory payroll. Note: Enter debits before credits. Date Account Title Debit Credit May 31 Record entry Clear entry View general Journal
Requirement General Journal General Ledger Trial Balance Raw Materials Cost of Goods Mfg Cutting Cost of Goods Mfg Stitching Cost of Goods Sold Gross Pre Prepare journal entries for the month of May's transactions. View transaction list Journal entry worksheet < 1 2 3 4 5 6 7 8 ..... 12 > g. Record the cost of other factory overhead costs (credit Other accounts), Note: Enter debits before credits Date Account Title Debit Credit May 31 Record entry Clear entry View general Journal
Requirement General Journal General Ledger Trial Balance Raw Materials Cost of Cost of Goods Mfg Goods Mfg Cutting Stitching Cost of Goods Sold Prepare journal entries for the month of May's transactions. View transaction list Journal entry worksheet < 1 2 3 4 5 8 .... 12 > h. Record the application of overhead at a rate of 150% of direct materials costs (Cutting) and 120% of direct labor cost (Stitching). Note: Enter debits before credits Date Account Title Debit Credit May 31 Record entry Clear entry View general journal
General Journal Requirement General Ledger Trial Balance Cost of Cost of Cost of Goods Mfg Goods Mfg Raw Materials Cutting Stitching Goods Sold Gross Prepare journal entries for the month of May's transactions. View transaction list Journal entry worksheet < 1 ..... 4 5 6 7 i. Record the transferred costs of partially completed goods. Tint Note: Enter debits before credits rences Date Account Title Debit Credit May 31 Record entry Clear entry View general Journal
View transaction list Journal entry worksheet < 1 ..... 5 6 9 10 .... 12 j. Record the transfer of production to finished goods, as calculated on the Cost of Goods Manufactured tab. Note: Enter debits before credits. Account Title Debit Credit Date May 31 Record entry Clear entry View general Journal
Requirement Cost of General Journal General Ledger Trial Balance Raw Materials Cost of Cost of Goods Mfg Goods Mfg Cutting Stitching Goods Sold Gross Pr Prepare journal entries for the month of May's transactions. View transaction list Journal entry worksheet < 1 ... 5 6 7 8 9 10 11 12 k. Record the cost of goods sold, as calculated on the cost of goods sold tab. Note: Enter debits before credits. Date Account Title Debit Credit May 31 Record entry Clear entry View general journal
equirement General Journal General Ledger Trial Balance Raw Materials Cost of Cost of Goods Mfg Goods Mfg Cutting Stitching Cost of Goods Sold Prepare journal entries for the month of May's transactions. View transaction list Journal entry worksheet < 1 ... 5 6 7 8 9 10 11 12 I. Record the sale of goods on account. Note: Enter debits before credits. Account Title Debit Credit Date May 31 Record entry Clear entry View general journal
General Requirement General Cost of Raw Cost of Journal Cost of Trial Balance Ledger Materials Goods Mfg Goods Mfg Cutting Gross Profit Goods Sold Stitching Verify the ending balance in raw materials inventory. Enter the amount of materials used as negative Beginning Raw Materials Inventory Ees Materials available for use Ending raw material inventory < Trial Balance Cost of Goods Mfg Cutting >
Cost of Goods Mfg Cutting - General Requirement Cost of General Cost of Trial Balance Raw Goods Mfg Goods Mfg Cost Journal Ledger Goods : Cutting Stitching Prepare a schedule of cost of goods manufactured for Stam Company for the month of Ma Materials Goods Mfg Goo Dates: Apr 30 ences Total manufacturing costs added during May Total cost of work in process Raw Materials Cost of Goods Mfg Stitching->
Cost of Goods Mfg Stitching General General Raw Requirement www Journal Trial Balance Ledger Ice Materials Goods Mfg Goods Mfg. Cutting Stitching Prepare a schedule of cost of goods manufactured for Stam Company for the month of Dates: Apr 30 Total manufacturing costs added during May Total cost of work in process < Cost of Goods Mfg Cutting Cost of Goods Sold >
Ledger Cost of Cost of General General Trial Bala Raw Requirement Goods Mfg Goods Mfg Journal Trial Balance Ledger Materials Cutting stitching IG Calculate the value of cost of goods sold for the month of May. Ignore any over- calculation of cost of goods sold. Dates: Apr 31 Calculate cost of goods sold: Cost of goods available for sale Cost of goods sold <Cost of Goods Mfg Stitching Gross Profit >
General Requirement General Journal Trial Balance Raw Cost of Cost of Goods Mfg Goods Mfg Cutting Stitching ed9 Materials Calculate the value of gross profit for the month of May. Dates: Api Gross Profit nces < Cost of Goods Sold Gross Profit

Answers

No Date Account Title Debit Credit
1 May-31 Raw materials 140000
Accounts payable 140000
2 May-31 Work in process-cutting 27500
Raw materials 27500
3 May-31 Factory overhead 86400
Raw materials 86400
4 May-31 Work in process-cutting 27100
Work in process-stitching 108400
Factory wages payable 135500
5 May-31 Factory overhead 59600
Factory wages payable 59600
6 May-31 Factory wages payable 195100
Cash 195100
7 May-31 Factory overhead 70000
Other accounts 70000
8 May-31 Work in process-cutting (150% x $27500) 41250
Work in process-stitching (120% x $108400) 130080
Factory overhead 171330
9 May-31 Work in process-stitiching 306350
Work in process-cutting 306350
10 May-31 Finished goods inventory 662630
Work in process-stitiching 662630
11 May-31 Cost of goods sold 858480
Finished goods inventory 858480
12 May-31 Accounts receivable 1176000
Sales revenue 1176000
Beginning raw materials inventory 121000
Raw materials purchased 140000
Materials available for use 261000
Direct materials used -27500
Indirect materials used -86400
Ending raw material inventory 147100
Direct materials used 27500
Direct labor 27100
Factory overhead 41250
Total manufacturing costs added during May 95850
Add: Beginning work in process 273500
Total cost of work in process 369350
Less: Ending work in process 63000
Cost of goods manufactured 306350
Transferred in from cutting department 306350
Direct materials used 0
Direct labor 108400
Factory overhead 130080
Total manufacturing costs added during May 544830
Add: Beginning work in process 293300
Total cost of work in process 838130
Less: Ending work in process 175500
Cost of goods manufactured 662630
Calculate cost of goods sold:
Cost of goods manufactured 662630
Add: Beginning finished goods inventory 250100
Cost of goods available for sale 912730
Less: Ending finished goods inventory 54250
Cost of goods sold 858480
Gross Profit
Sales revenue 1176000
Less: Cost of goods sold 858480
Gross profit 317520
.

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