Cecconi Company manufactures soccer balls in two sequential processes: Cutting and Stitching. All direct materials enter...
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Cecconi 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 Inventory $ 61,000 153,500 173,300 130,100 Ending Inventory $ 73,300 57,000 115,500 30,250 The following additional information describes the company's production activities for May. Direct materials Raw materials purchased on credit Direct materials used-Cutting Direct materiala used-Stitching $ 80,000 24,500 Direct labor Direct labor-Cutting Direct labor-Stitching Total factory payroll paid (in canh) $ 21,100 84,400 162,700 Direct labor-Stitching Total factory payroll paid (in cash) 84,400 162,700 Pactory Overhead (Actual costs) Indirect materials used Indirect labor used Other overhead costs $ 43,200 57,200 58,000 Factory Overhead Rates Cutting Stitching Sales (150 of direct materials used) (120 of direct labor used) $696,000 Cost of Goods Mfg Goods Mfg Cutting Cost of General Journal General Ledger Raw Materials Cost of Goods Sold Trial Balance Gross Profit Requirement Stitching Prepare journal entries for the month of May's transactions. Cecconi 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 Inventory $ 61,000 153,500 173,300 130,100 Ending Inventory $ 73,300 57,000 115,500 30,250 The following additional information describes the company's production activities for May. Direct materials Raw materials purchased on credit Direct materials used-Cutting Direct materiala used-Stitching $ 80,000 24,500 Direct labor Direct labor-Cutting Direct labor-Stitching Total factory payroll paid (in canh) $ 21,100 84,400 162,700 Direct labor-Stitching Total factory payroll paid (in cash) 84,400 162,700 Pactory Overhead (Actual costs) Indirect materials used Indirect labor used Other overhead costs $ 43,200 57,200 58,000 Factory Overhead Rates Cutting Stitching Sales (150 of direct materials used) (120 of direct labor used) $696,000 Cost of Goods Mfg Goods Mfg Cutting Cost of General Journal General Ledger Raw Materials Cost of Goods Sold Trial Balance Gross Profit Requirement Stitching Prepare journal entries for the month of May's transactions.
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Transaction General Journal Debit Credit 1 Raw Materials Inventory 80000 Accounts Payable 80000 To ... View the full answer
Related Book For
Fundamentals of Cost Accounting
ISBN: 978-0077398194
3rd Edition
Authors: William Lanen, Shannon Anderson, Michael Maher
Posted Date:
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