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GLO301 - Based on Problem 3-5A (Algo) LO P3, P4 Panzarella Company manufactures soccer balls in two sequential processes: Cutting and Suitching. All direct materials enter production at the beginning of the Cutting process. The following Information is avatlable regarding its May Inventories: Beginning Ending Inventory Inventory Raw materials Inventory $ 146,000 $ 177,85e Work in process Inventory-cutting 323, see 65,500 Work in process inventory Stitching 343, 3e0 208,5ee Finished goods inventory 300,100 64,250 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 $ 165.000 28.750 Direct labor Direct labor-Cutting Direct labor-stitching $ 29.60 118.4 Factory Overhead (actual costs) Indirect materials used Indirect labor used other but head costs $164, GOOD 75.000 Factory Overhead Rates Cutting Stitching (1set of direct uterial Ured) (130 otirect lator uced) ure Labor used) Sale $1.456.ee General General Cost of Cost of Requirement Raw Trial Balance Ledger Goods Mlg Cost of Materials Goods Mig Joumal Gross Profit Goods Sold Cutting Stitching General Journal tab - Journalize the transactions related to Panzarella 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 Panzarella 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 Panzanella Company for the month of May. Cost of Goods Sold tab - Prepare a schedule of cost of goods sold for Panzarella Company for the month of May. Grass Profit tab - Calculate the gross profit on sales for May. General Journal > View transaction list cences Journal entry worksheet 2 4 5 8 7 en B 11 > - Record the purchase of materials (on credit). oteller ise credits Date May 31 Debit Crest Account Title Raw materials inventory Accounts payable Hay County View qement Cener General Ladya wa w con of Cost of Cou Good Good Son GoPro cutting Date Apr 30 to Apr 30 points General Account Cash Debit No Credit Acousch Debit Na Balance 1000 Credit Apr 20 Date Aer 30 Balance 120 000 10 TO Rawline Debit Credit Vior in processing Date Debit Credit No No Apr 20 Be 145.000 Balance 743300 o Finished prostor Credit Work in process inventory Outing Batu Debit Crede No Debe Balance Ne Date Apr 20 Biance 325500 06.100 Factory Equment Debit Credit NG NG Date Ara Balance 165.000 Apreciation Format Date Debat Credit Balance At 29 5600 Accounts payable Debut C Common stock par value Debit Cred Ne Na Date Date Ar 20 Balance 1.909 400 Bra 000 Petalinstasse-Comman Duse Debut Credit A30 Retained ning Debit Credit No Balance Ne Date 00.000 Bulan 316 500 Apr 30 ebook Cost of General General Cost of RAW Peirement Cost of Joumal THAI Balance Ledger Gross Prant Goods Mig Goods Mfg Materials Goods Sold Cutting SERching Dates: Apr 30 to Apr 30 Para la Con Trade April 2018 Account Title Debit Credit Cash 480.000 Accounts receivable 120.000 Raw materials invertory 148.000 Work in process eventory-Satching 343,300 Finished goods inventory 300.00 Work in process inventory-Cutting 323.500 Factory Equipment 105.000 33.000 Aumed depreciation - Factory equipment Accounts payable 1.382.400 Common stock 55 par valve 30.000 30 000 Paid-in capital in excess of par - Common Datings 316.500 $ 187 00015 13777209 Tea Perences > Sate $ 1,456.ee General Cost of General Raw Cost of Requirement Trial Balance Joumal Goods Mfg Cost of Goods Mfg Ledger Materials Goods Sold Gross Pro Cutting Stitching Verify the ending balance in raw materials inventory. Materials used should be indicated with a minus sign. Beginning Raw Materials inventory Materials available for use Ending raw material inventory $ 0 (120 of direct latered) 1.456,000 Cost of Cost of General General Requirement Raw Cost of Journal Ledger Trial Balance Good Mg Goods Mig Materials Gross Prot Gids Sold Cutting stitching Prepare a schedule of cost of goods manufactured for the Stitching Department for the month of May. Dates: Apr 30 TO Apr 30 D. Total marutacturing costs added during May Total cost of work in process Sales $1.456.000 Cost of Cost of General General Raw Cost or Requirement Trial Balance Journal Ledger Materials Goods Mfg Goods Mo Goods Sold Gross Pront Cutting Stitching Calculate the value of cost of goods sold for the month of May. Ignore any over or underapplied overhead in the calculation of cost of goods sold. Datest Apr 30 to Apr 30 Calculate cost of goods sold Cost of goods available for sale Cost of goods sold (120% of direct later used) SIS Cost of Gerleri Costel General Raw Requirement Cost of Souma Tha Balance Goods Mrg Good Mg Ledger Materials Gross Prone Cutting Goods Sold Suitching Calculate the value of gross profit for the month of May. Dates: Apr 30 to Apr 30 Gross Profit $ 0 Cost of Goods sold Pley 1 1 1 Next