Carlberg 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:
Carlberg 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 Direct materials Raw materials purchased on credit Direct materials used-Cutting. Direct materials used-Stitching. The following additional information describes the company's production activities for May Direct labor Direct labor-Cutting Direct labor-stitching Factory Overhead (Actual costs) Indirect materials used Indirect labor used Other overhead costs i Beginning Inventory $ 31,000 93,500 113,300 70,100 Factory Overhead Rates Cutting $ 50,000 23,000 e $ 18,100 72,400 Ending Inventory $36,400 $4,000 85,500 18,250 $ 21,600 56,000 52,000 (150% of direct materials used) Cutting Stitching Sales Requirement General Journal (150% of direct materials used) (120% of direct labor used) $ 456,000 General Ledger Trial Balance Raw Materials Cost of Goods Mfg Cutting Cost of Goods Mo Stitching Heqjabőrmere Cost of Goods Sold General Journal tab- Journalize the transactions related to Carlberg 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 Carlberg 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. Gross Profit 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 Carlberg Company for the month of May. Cost of Goods Sold tab- Prepare a schedule of cost of goods sold for Carlberg Company for the month of May. Gross Profit tab Calculate the gross profit on sales for May. General Journal > General Ledger Prepare journal entries for the month of May's transactions. Requirement View transaction list N No 1 2 3 General Journal 4 Date May 31 May 31 May 31 May 31 Trial Balance View journal entry worksheet Raw materials inventory Accounts payable Raw Materials Account Title Work in process inventory-Cutting Raw materials inventory Factory overhead Raw materials inventory Work in process inventory-Cutting Work in process inventory-Stitching Factory wages payable Cost of Goods Mfg. Cutting Cost of Cost of Goods Mfg Goods Sold Stitching Debit 50,000 23.000 21,600 18,100 72.400 Gross Profit Credit 50,000 23,000 21,600 90,500 Ⓡ 44 No. No. 6 1 2 No. 3 9 11 Date April 30 May 31 Date April 30 May 31 May 31 May 31 Date April 30 May 31 May 31 Cash Debit 50,000 Raw materials inventory Debit Credit Credit Debit 52,000 302,180 Finished goods inventory Credit 23,000 21,600 354,030 Balance 250,000 198,000 Balance 31,000 81,000 58,000 36,400 Balance 70,100 372,280 18.250 No. 4 No. 4 4 10 4 4 7 009₂ No. 8 2 4 7 8 Date April 30 May 31 May 31 May 31 May 31 May 31 Accounts receivable Debit Work in process inventory-Stitching Date Debit Credit May 31 May 31 456,000 May 31 May 31 72,400 86,880 115,100 Credit Work in process inventory-Cutting Date Debit Credit 23,000 18,100 34,500 302,180 115,100 Balance 28,000 484,000 Balance 113.300 185,700 272,580 387,680 85,500 Balance 93,500 116,500 134,600 169,100 54,000 4 4 4 4 No. 3 5 6 7 No. No. 4 5 No. Date April 30 May 31 May 31 May 31 May 31 Date April 30 Date Factory overhead Debit May 31 May 31 21,600 56,000 52.000 Credit Accumulated depreciation Factory equipment Debit Credit 121,380 Factory wages payable Debit Credit 90,500 56.000 Balance Paid in capital in excess of par - Common Date Debit Credit 0 21,600 77,600 129,600 8,220 Balance 10,000 Balance 0 90,500 146.500 Balance. No. No. 1 No. No. Date April 30 Date April 30 May 31 Date April 30 Date www. Factory Equipment Debit Credit Accounts payable Debit Credit 50.000 Common stock, $5 par value Debit Credit Retained earnings Debit Credit Balance 50,000 Balance 263,000 313,000 Balance 40,000 Balance No. 4 4 5 No. No. 10 Date May 31 May 31 Date Factory wages payable Debit May 31 Paid in capital in excess of par - Common Date Debit Credit April 30 Sales Credit Debit 90,500 56,000 Credit 456,000 Balance 0 90,500 146,500 Balance 34,000 Balance 0 456,000 < General Journal No. No. No. 4 11 Date April 30 Date April 30 Date Common stock, $5 par value Debit Credit May 31 Trial Balance > Retained earnings Debit Credit Cost of goods sold Debit 354,030 Credit Balance 40,000 Balance 288,900 Balance 0 354,030 Factory Overhead (Actual costs) Indirect materials used Indirect labor used Other overhead costs. Factory Overhead Rates Cutting Stitching Sales Requirement General Journal Cost of Goods Mfg Stitching Verify the ending balance in raw materials inventory. Materials used should be indicated with a minus sign. $ 456,000 General Ledger Beginning Raw Materials Inventory Raw materials purchased Materials available for use Direct materials used i Indirect materials used Ending raw material inventory (150% of direct materials used) (120% of direct labor used) Trial Balance $ $ 21,600 56,000 52,000 $ < Trial Balance Raw Materials 31,000 50,000 81,000 (23.000) (21.600) 36,400 Cost of Goods Mfg Cutting Cost of Goods Sold Cost of Goods Mfg Cutting > Gross Profit Sales Cost of Goods Mfg Cutting Prepare a schedule of cost of goods manufactured for the Cutting Department for the month of May. Dates: April 30 Requirement $ 456,000 General General Journal Ledger Direct materials used Direct labor used. Factory overhead applied Trial Balance Total manufacturing costs added during May Add. Beginning work in process inventory Total cost of work in process Less: Ending work in process inventory Cost of goods manufactured $ < Raw Materials Raw Materials 23,000 18,100 34,500 $ $ Cost of Goods Mfg Stitching 75,600 93,500 169,100 (54,000) 115.100 Cost of Goods Sold Cost of Goods Mfg Stitching > Gross Profit V to: April 30 Sales Cost of Goods Mfg Cutting Cost of Goods Mfg. Stitching Prepare a schedule of cost of goods manufactured for the Stitching Department for the month of May. Dates: April 30 to: April 30 Requirement General Journal $ 456,000 Transferred-in from Cutting Direct labor used Factory overhead applied General Ledger Trial Balance Total manufacturing costs added during May Add Beginning work in process inventory Total cost of work in process Less Ending work in process inventory Cost of goods manufactured $ Raw Materials 115,100 72.400 86,880 <Cost of Goods Mfg Cutting S 274,380 113,300 387,680 (85,500) 302.180 Cost of Goods Sold Cost of Goods Sold > Gross Profit 4 Book rences Sales Requirement General Journal $ 456,000 General Ledger Calculate cost of goods sold: Beginning finished goods inventory Cost of goods manufactured Cost of goods available for sale Ending finished goods inventory Cost of goods sold Trial Balance $ Raw Materials S 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. 70,100 302,180 372 280 (18,250) 354.030 Cost of Goods Mfg Cutting <Cost of Goods Mfg Stitching Cost of Goods Mfg Stitching Cost of Goods Sold Dates: April 30 Gross Profit Gross Profit > to: April 30 Sales General General Raw Materials Journal Ledger Calculate the value of gross profit for the month of May. Requirement Sales Cost of goods sold Gross Profit $ $ 456,000 $ Trial Balance 456,000 (354,030) 101,970 <Cost of Goods Sold Cost of Goods Mfg Cutting Cost of Goods Mfg Stitching Cost of Goods Sold Dates: April 30 GROE Gross Profit to: April 30 Carlberg 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 Direct materials Raw materials purchased on credit Direct materials used-Cutting. Direct materials used-Stitching. The following additional information describes the company's production activities for May Direct labor Direct labor-Cutting Direct labor-stitching Factory Overhead (Actual costs) Indirect materials used Indirect labor used Other overhead costs i Beginning Inventory $ 31,000 93,500 113,300 70,100 Factory Overhead Rates Cutting $ 50,000 23,000 e $ 18,100 72,400 Ending Inventory $36,400 $4,000 85,500 18,250 $ 21,600 56,000 52,000 (150% of direct materials used) Cutting Stitching Sales Requirement General Journal (150% of direct materials used) (120% of direct labor used) $ 456,000 General Ledger Trial Balance Raw Materials Cost of Goods Mfg Cutting Cost of Goods Mo Stitching Heqjabőrmere Cost of Goods Sold General Journal tab- Journalize the transactions related to Carlberg 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 Carlberg 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. Gross Profit 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 Carlberg Company for the month of May. Cost of Goods Sold tab- Prepare a schedule of cost of goods sold for Carlberg Company for the month of May. Gross Profit tab Calculate the gross profit on sales for May. General Journal > General Ledger Prepare journal entries for the month of May's transactions. Requirement View transaction list N No 1 2 3 General Journal 4 Date May 31 May 31 May 31 May 31 Trial Balance View journal entry worksheet Raw materials inventory Accounts payable Raw Materials Account Title Work in process inventory-Cutting Raw materials inventory Factory overhead Raw materials inventory Work in process inventory-Cutting Work in process inventory-Stitching Factory wages payable Cost of Goods Mfg. Cutting Cost of Cost of Goods Mfg Goods Sold Stitching Debit 50,000 23.000 21,600 18,100 72.400 Gross Profit Credit 50,000 23,000 21,600 90,500 Ⓡ 44 No. No. 6 1 2 No. 3 9 11 Date April 30 May 31 Date April 30 May 31 May 31 May 31 Date April 30 May 31 May 31 Cash Debit 50,000 Raw materials inventory Debit Credit Credit Debit 52,000 302,180 Finished goods inventory Credit 23,000 21,600 354,030 Balance 250,000 198,000 Balance 31,000 81,000 58,000 36,400 Balance 70,100 372,280 18.250 No. 4 No. 4 4 10 4 4 7 009₂ No. 8 2 4 7 8 Date April 30 May 31 May 31 May 31 May 31 May 31 Accounts receivable Debit Work in process inventory-Stitching Date Debit Credit May 31 May 31 456,000 May 31 May 31 72,400 86,880 115,100 Credit Work in process inventory-Cutting Date Debit Credit 23,000 18,100 34,500 302,180 115,100 Balance 28,000 484,000 Balance 113.300 185,700 272,580 387,680 85,500 Balance 93,500 116,500 134,600 169,100 54,000 4 4 4 4 No. 3 5 6 7 No. No. 4 5 No. Date April 30 May 31 May 31 May 31 May 31 Date April 30 Date Factory overhead Debit May 31 May 31 21,600 56,000 52.000 Credit Accumulated depreciation Factory equipment Debit Credit 121,380 Factory wages payable Debit Credit 90,500 56.000 Balance Paid in capital in excess of par - Common Date Debit Credit 0 21,600 77,600 129,600 8,220 Balance 10,000 Balance 0 90,500 146.500 Balance. No. No. 1 No. No. Date April 30 Date April 30 May 31 Date April 30 Date www. Factory Equipment Debit Credit Accounts payable Debit Credit 50.000 Common stock, $5 par value Debit Credit Retained earnings Debit Credit Balance 50,000 Balance 263,000 313,000 Balance 40,000 Balance No. 4 4 5 No. No. 10 Date May 31 May 31 Date Factory wages payable Debit May 31 Paid in capital in excess of par - Common Date Debit Credit April 30 Sales Credit Debit 90,500 56,000 Credit 456,000 Balance 0 90,500 146,500 Balance 34,000 Balance 0 456,000 < General Journal No. No. No. 4 11 Date April 30 Date April 30 Date Common stock, $5 par value Debit Credit May 31 Trial Balance > Retained earnings Debit Credit Cost of goods sold Debit 354,030 Credit Balance 40,000 Balance 288,900 Balance 0 354,030 Factory Overhead (Actual costs) Indirect materials used Indirect labor used Other overhead costs. Factory Overhead Rates Cutting Stitching Sales Requirement General Journal Cost of Goods Mfg Stitching Verify the ending balance in raw materials inventory. Materials used should be indicated with a minus sign. $ 456,000 General Ledger Beginning Raw Materials Inventory Raw materials purchased Materials available for use Direct materials used i Indirect materials used Ending raw material inventory (150% of direct materials used) (120% of direct labor used) Trial Balance $ $ 21,600 56,000 52,000 $ < Trial Balance Raw Materials 31,000 50,000 81,000 (23.000) (21.600) 36,400 Cost of Goods Mfg Cutting Cost of Goods Sold Cost of Goods Mfg Cutting > Gross Profit Sales Cost of Goods Mfg Cutting Prepare a schedule of cost of goods manufactured for the Cutting Department for the month of May. Dates: April 30 Requirement $ 456,000 General General Journal Ledger Direct materials used Direct labor used. Factory overhead applied Trial Balance Total manufacturing costs added during May Add. Beginning work in process inventory Total cost of work in process Less: Ending work in process inventory Cost of goods manufactured $ < Raw Materials Raw Materials 23,000 18,100 34,500 $ $ Cost of Goods Mfg Stitching 75,600 93,500 169,100 (54,000) 115.100 Cost of Goods Sold Cost of Goods Mfg Stitching > Gross Profit V to: April 30 Sales Cost of Goods Mfg Cutting Cost of Goods Mfg. Stitching Prepare a schedule of cost of goods manufactured for the Stitching Department for the month of May. Dates: April 30 to: April 30 Requirement General Journal $ 456,000 Transferred-in from Cutting Direct labor used Factory overhead applied General Ledger Trial Balance Total manufacturing costs added during May Add Beginning work in process inventory Total cost of work in process Less Ending work in process inventory Cost of goods manufactured $ Raw Materials 115,100 72.400 86,880 <Cost of Goods Mfg Cutting S 274,380 113,300 387,680 (85,500) 302.180 Cost of Goods Sold Cost of Goods Sold > Gross Profit 4 Book rences Sales Requirement General Journal $ 456,000 General Ledger Calculate cost of goods sold: Beginning finished goods inventory Cost of goods manufactured Cost of goods available for sale Ending finished goods inventory Cost of goods sold Trial Balance $ Raw Materials S 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. 70,100 302,180 372 280 (18,250) 354.030 Cost of Goods Mfg Cutting <Cost of Goods Mfg Stitching Cost of Goods Mfg Stitching Cost of Goods Sold Dates: April 30 Gross Profit Gross Profit > to: April 30 Sales General General Raw Materials Journal Ledger Calculate the value of gross profit for the month of May. Requirement Sales Cost of goods sold Gross Profit $ $ 456,000 $ Trial Balance 456,000 (354,030) 101,970 <Cost of Goods Sold Cost of Goods Mfg Cutting Cost of Goods Mfg Stitching Cost of Goods Sold Dates: April 30 GROE Gross Profit to: April 30
Expert Answer:
Answer rating: 100% (QA)
Req1 Journal Entries Date Accounts Title Debit Credit a Raw Material 50000 Accounts Payable 50000 being RM purchased on credit b WIPCutting 23000 Raw ... View the full answer
Related Book For
Managerial Accounting Tools for business decision making
ISBN: 978-0470477144
5th edition
Authors: Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso
Posted Date:
Students also viewed these accounting questions
-
The right to die is a touchy subject for most people. In my personal experience people are always hesitant about the Living Will. It is such a serious document. Going through and deciding which...
-
4. Let f(x), g(x), and h(x) be differentiable and continuous functions. Determine the following. (a) (4 points) Determine the derivative of y = f(x)9(x) h(x) y' = (b) (4 points) Determine the...
-
What is the product of 0.6 and 2.7? Record your answer in the boxes below and fill in the bubbles. Be sure to use the correct place value. 0 2 3 3 4 5 5 5 5 6 6 6
-
How might Tommy Hilfiger use advertising as a signal? How is a signal sent and how does it work? Suppose that Tommy Hilfigers marginal cost of a jacket is a constant $100 and the total fixed cost at...
-
Find f o g o h. 41. f(x) = x + 1. x) = 2x. h(x) = x - 1 42. f(x) = 2x - 1. g(x) = x. (x) = 1 - x 43. f(x) = Vx- I, g(x) +2. h(x) = x+ 3 44. f(x) g(x) cos x. h(x) = + 3 X +1
-
To what extent does the cultural and historical context influence the interpretation and reception of mixed media artworks, particularly in terms of social commentary and cultural critique ?
-
One way of cleaning up environmentally polluted underground water is to pump it out of the ground, treat it with some equipment (by catalytic or photochemical oxidation, for example), and then pump...
-
Granger Supermarkets (GS) operates at capacity and decides to apply ABC analysis to three product lines: baked goods, milk and fruit juice, and frozen foods. It identifies four activities and their...
-
For the experiment of rolling an ordinary pair of dice, find the probability that the sum will be less than 4 or greater than 6. The probability that the sum will be less than 4 or greater than 6 is...
-
(a) Prepare income statements for January and February for Fazli, Gervais, and Consolidation. Break down cost of sales into its three components. (b) Now assume that Fazli uses the equity method to...
-
Cheong Co reported a net profit of $1,324,543 for the year ended December 31, 2020. The following transactions affect shareholders equity for Cheong Co in the year ended December 31, 2020. 1/1/2020...
-
If you have GPU hardware available, complete a performance analysis your program, examining the computation time for the GPU and a CPU version of your program for a range of vector sizes. Explain any...
-
The following balances were taken from the books of Parnevik Corp. on December 31, 2015. Interest revenue 86,000 Accumulated depreciationbuildings 28,000 Cash 51,000 Notes receivable 155,000 Sales...
-
According to a study by economists Muriel Niederle and Lise Vesterlund, women are less willing to participate in competitive environments. a. What is the potential impact on the number of women in...
-
Gloria Steinem pointed out the following: Ive yet to be on any campus where women werent worried about some aspect of combining marriage, children, and a career. Ive yet to find one where many men...
-
In 1993 Congress passed the Family and Medical Leave Act (FMLA), which requires firms with more than 50 employees to grant a 12-week unpaid leave of absence for family and medical reasons. What is...
-
Draw output voltage waveform for the circuit shown Draw waveform with scale. 230V 50Hz AC T a = 30 Ovo Tott a = 60 R Vo
-
C- Consider the following scenario:- A supermarket needs to develop the following software to encourage regular customers. For this, the customer needs to supply his/her residence address, telephone...
-
La Mesa manufactures unpainted furniture for the do-it-yourself (DIY) market. It currently sells a table for $75. Production costs are $39 variable and $10 fixed. La Mesa is considering staining and...
-
In a recent year, McLaren Semiconductor Corporation reported cash provided by operating activities of $155,793,000, cash used in investing of $207,826,000, and cash used in financing of $33,372,000....
-
You have been given the following information about the production of Gamma Co., and are asked to provide the plant manager with information for a meeting with the vice president of operations....
-
Which of Yellows statements regarding the factors affecting the selection of a trading strategy is correct? A. Statement 1 B. Statement 2 C. Statement 3 Robert Harding is a portfolio manager at...
-
To fill the remaining portion of the ABC order, Yellow is using: A. an arrival price trading strategy. B. a TWAP participation strategy. C. a VWAP participation strategy. Robert Harding is a...
-
Given the parameters for the benchmark given by Harding, Yellow should recommend a benchmark that is based on the: A. arrival price. B. time-weighted average price. C. volume-weighted average price....
Study smarter with the SolutionInn App