2. 3. 4. 5. 6. Byrnes Company manufactures soccer balls in two sequential processes: Cutting and Stitching.

 

 

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Byrnes 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: Work in process inventory-Cutting Beginning Inventory $51,000 133,500 153,300 110,100 Ending Inventory $ 61,000 56,000 105,500 26,250 Raw materials inventory Work in process inventory-Stitching Finished goods inventory 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 $ 70,000 24,000 0 $ 20,100 80,400 $ 36,000 56,800 56,000 (150% of direct materials used) (1208 of direct labor used) Sales $ 616,000 Requirement General General Journal Ledger Trial Balance Raw Materials Cost of Goods Mfg Cutting Cost of Goods Mfg Stitching Cost of Goods Sold Gross Profit Prepare journal entries for the month of May's transactions. View transaction list Journal entry worksheet 2 Record the purchase of materials (on credit). Note: Enter debits before credits. 6 7 8 11 Date May 31 Account Title Debit Credit Raw materials inventory 70,000 Accounts payable 70,000 Record entry Clear entry View general journal < Requirement General Ledger > Byrnes 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: Work in process inventory-Cutting Beginning Inventory $51,000 133,500 153,300 110,100 Ending Inventory $ 61,000 56,000 105,500 26,250 Raw materials inventory Work in process inventory-Stitching Finished goods inventory 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 $ 70,000 24,000 0 $ 20,100 80,400 $ 36,000 56,800 56,000 (150% of direct materials used) (1208 of direct labor used) Sales $ 616,000 Requirement General General Journal Ledger Trial Balance Raw Materials Cost of Goods Mfg Cutting Cost of Goods Mfg Stitching Cost of Goods Sold Gross Profit Prepare journal entries for the month of May's transactions. View transaction list Journal entry worksheet 2 Record the purchase of materials (on credit). Note: Enter debits before credits. 6 7 8 11 Date May 31 Account Title Debit Credit Raw materials inventory 70,000 Accounts payable 70,000 Record entry Clear entry View general journal < Requirement General Ledger >