Pelcher Company manufactures soccer balls in two sequential processes: Cutting and Stitching. All direct materials enter...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
Pelcher 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 work in process inventory-Cutting Work in process inventory-Stitching Finished goods inventory $ 106,000 $ 128,650 243,500 61,500 263,300 220,100 160,500 48,250 The following additional Information describes the company's production activities for May. Direct materials Raw materials purchased on credit Direct materials used-Cutting $ 125,000 26,750 0 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 $ 25,600 102,400 $ 75,600 59,000 67,000 (150% of direct materials used) (120% of direct labor used) Sales $ 1,056,000 Requirement General Journal General Ledger Trial Balance Raw Materials Cost of Cost of Goods Mfg Goods Mfg Cutting Stitching Cost of Goods Sold Gross Profit General Journal tab - Journalize the transactions related to Pelcher Company's manufacturing of soccer balls. The General Ledger and Trial Balance will be updated based on your entries. Prepare journal entries to record the transactions of Pelcher Company during the month of May. General Ledger tab - One of the advantages of general ledger software is that posting is done automatically. To see the detail of all transactions that affect a specific account, or the balance in an account at a specific point in time, click on the General Ledger tab. Trial Balance tab - General ledger software also automates the preparation of trial balances. A trial balance lists each account from the General Ledger, along with its balance, either a debit or a credit. Total debits should always equal total credits. Raw Materials 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 Pelcher Company for the month of May. Cost of Goods Sold tab - Prepare a schedule of cost of goods sold for Pelcher Company for the month of May. Gross Profit tab - Calculate the gross profit on sales for May. Pelcher 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 work in process inventory-Cutting Work in process inventory-Stitching Finished goods inventory $ 106,000 $ 128,650 243,500 61,500 263,300 220,100 160,500 48,250 The following additional Information describes the company's production activities for May. Direct materials Raw materials purchased on credit Direct materials used-Cutting $ 125,000 26,750 0 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 $ 25,600 102,400 $ 75,600 59,000 67,000 (150% of direct materials used) (120% of direct labor used) Sales $ 1,056,000 Requirement General Journal General Ledger Trial Balance Raw Materials Cost of Cost of Goods Mfg Goods Mfg Cutting Stitching Cost of Goods Sold Gross Profit General Journal tab - Journalize the transactions related to Pelcher Company's manufacturing of soccer balls. The General Ledger and Trial Balance will be updated based on your entries. Prepare journal entries to record the transactions of Pelcher Company during the month of May. General Ledger tab - One of the advantages of general ledger software is that posting is done automatically. To see the detail of all transactions that affect a specific account, or the balance in an account at a specific point in time, click on the General Ledger tab. Trial Balance tab - General ledger software also automates the preparation of trial balances. A trial balance lists each account from the General Ledger, along with its balance, either a debit or a credit. Total debits should always equal total credits. Raw Materials 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 Pelcher Company for the month of May. Cost of Goods Sold tab - Prepare a schedule of cost of goods sold for Pelcher Company for the month of May. Gross Profit tab - Calculate the gross profit on sales for May.
Expert Answer:
Answer rating: 100% (QA)
To journalize the transactions related to Pelcher Companys manufacturing of soccer balls for the mon... View the full answer
Related Book For
Posted Date:
Students also viewed these accounting questions
-
Solve the inequality. Write the solution in interval notation. |15 = x < 7
-
Iron(II) ion is oxidized by hydrogen peroxide in acidic
-
What distinguishes a termination benefit from the other benefits considered in IAS 19 (2011)?
-
The following are measurements of the total dissolved salts (TDS) and hardness index of 22 samples of water. (a) Calculate \(r\). (b) Find 95% confidence limits for \(ho\). TDS (ppm) Hardness Index...
-
Mascot Ascots, a retailer of collegiate neckwear, has completed the sales forecast for the coming year. Mascot Ascots maintains an ending inventory level of 65 percent of the following months cost of...
-
Emboldened by the growing online presence of their fellow white supremacists, the organizers of the 2017 Unite the Right rally expanded their activities this year. This year's rally spanned 10 days...
-
The ABC Company was organized on December 13, 2019 by Arnold Jones, Investor, James Smith, President, and Roger Travis, Controller and Treasurer. For the month of December, the company had the...
-
The teachers of 8-year-old Jack are concerned that he has recently begun to withdraw socially and to show little interest in schoolwork.
-
What are the major sleep disorders, and how can they be treated?
-
Starting with the theory that diffusion of responsibility causes responsibility for helping to be shared among bystanders, Latan and Darley derived the hypothesis that the more people who witness an...
-
Is the possibility that life may be extended for several decades a mixed blessing? What societal consequences might an extended life span bring about?
-
Race is a biological concept, not a psychological one. True or false?
-
Steuben Company produces dog houses. During the current year, Steuben Company incurred the following costs: Rent on manufacturing facility.$ 118,000 Office manager's salary.67,000 Wages of factory...
-
For the following arrangements, discuss whether they are 'in substance' lease transactions, and thus fall under the ambit of IAS 17.
-
Is private ownership of land a universal concept that applies to all societies? How much variation in ownership is found among forager groups?
-
How are forager religions different from your own? Are there any similarities?
-
How can the study of contemporary foragers provide us with an understanding of Paleolithic lifestyles?
Study smarter with the SolutionInn App