Question: first part is completed need rest done soon please help this is all one question Major League Bat Company manufactures baseball bats. In addition to

 first part is completed need rest done soon please help thisis all one question Major League Bat Company manufactures baseball bats. Inaddition to its work in process inventories, the company maintains inventories ofraw materials and finished goods. It uses raw materials as direct materialsin production and as indirect materials. Its factory payroll costs include directlabor for production and indirect labor. All materials are added at thebeginning of the process, and conversion costs are applied uniformly throughout the

first part is completed need rest done soon please help this is all one question

production process. Required: You are to maintain records and produce measures ofinventories to reflect the July events of this company. The June 30

balances: Raw Materials Inventory, $31,000; Work in Process Inventory, $7,985 ($3,260 ofdirect materials and $4,725 of conversion); Finished Goods Inventory, $120,000; Sales, $0;

Cost of Goods Sold, $0; Factory Wages Payable, $0; and Factory Overhead,

$0. 1. Prepare journal entries to record the following July transactions and

events. a. Purchased raw materials for $175,000 cash (the company uses a

Major League Bat Company manufactures baseball bats. In addition to its work in process inventories, the company maintains inventories of raw materials and finished goods. It uses raw materials as direct materials in production and as indirect materials. Its factory payroll costs include direct labor for production and indirect labor. All materials are added at the beginning of the process, and conversion costs are applied uniformly throughout the production process. Required: You are to maintain records and produce measures of inventories to reflect the July events of this company. The June 30 balances: Raw Materials Inventory, $31,000; Work in Process Inventory, $7,985 ($3,260 of direct materials and $4,725 of conversion); Finished Goods Inventory, $120,000; Sales, $0; Cost of Goods Sold, $0; Factory Wages Payable, $0; and Factory Overhead, $0. 1. Prepare journal entries to record the following July transactions and events. a. Purchased raw materials for $175,000 cash (the company uses a perpetual inventory system). b. Used raw materials as follows: direct materials, $45,040; and indirect materials, $16,000. c. Recorded factory wages payable costs as follows: direct labor, $217,250; and indirect labor, $31,000. d. Paid factory payroll cost of $248,250 with cash (ignore taxes). e. Incurred additional factory overhead costs of $92,000 paid in cash. f. Applied factory overhead to production at 50% of direct labor costs. 2. Information about the July inventories follows. Use this information with that from part 1 to prepare a process cost summary, assuming the weighted average method is used. (Round "Cost per EUP" to 2 decimal places.) 9,000 units 12,000 units 6,000 units Units Beginning inventory Started Ending inventory Beginning inventory Materials-Percent complete Conversion-Percent complete Ending inventory Materials-Percent complete Conversion-Percent complete 100% 80% 1008 40% 3. Using the results from part 2 and the available information, make computations and prepare journal entries to record the following: g. Total costs transferred to finished goods for July. h. Sale of finished goods costing $295,700 for $685,000 in cash. 4. Post entries from parts 1 and 3 to the following general ledger accounts. 5. Compute the amount of gross profit from the sales in July. (Hint. Add any underapplied overhead to, or deduct any overapplied overhead from, the cost of goods sold.) Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 Required 5 Information about the July inventories follows. Use this information with that from part 1 to prepare a process cost summary, assuming the weighted average method is used. (Round "Cost per EUP" to 2 decimal places.) No Transaction General Journal Debit Credit 1 a. Raw materials inventory 175,000 Cash 175,000 2 b. Work in process inventory 45,040 Factory overhead 16,000 Raw materials inventory 61,040 3 C. Work in process inventory 217,250 31,000 Factory overhead Factory wages payable 248,250 4 d. Factory wages payable 248,250 Cash 248,250 5 e. Factory overhead 92,000 Cash 92,000 6 f. Work in process inventory 108,625 Factory overhead 108,625 Information about the July inventories follows. Use this information with that from part 1 to prepare a process cost sun weighted average method is used. (Round "Cost per EUP" to 2 decimal places.) $ 7,985 Total costs to account for: Cost of beginning work in process Costs incurred this period Total costs to account for: $ $ 7,985 $ 0 Unit reconciliation: Units to account for: Total units to account for Total units accounted for: Total units accounted for Equivalent units of production (EUP)- weighted average method Units % Materials EUP- Materials % Labor EUP- Conversion Total units Cost per equivalent unit of production Materials Conversion Costs Costs EUP EUP 0 0 Cost per EUP Total cost Total costs + Equivalent units of production Cost per equivalent unit of production (rounded to 2 decimals) Total costs accounted for: Cost of units transferred out: EUP Direct materials Conversion Total costs transferred out Costs of ending goods in process EUP Direct materials Conversion Total cost of ending goods in process Total costs accounted for Cost per EUP Total cost $ 0.00 0 $ 0.00 0 Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 Required 5 Using the results from part 2 and the available information, make computations and prepare journal entries to record the following: g. Total costs transferred to finished goods for July. h. Sale of finished goods costing $295,700 for $685,000 in cash. Show less View transaction list Journal entry worksheet Record the transfer of goods to Finished Goods Inventory. Note: Enter debits before credits. Transaction General journal Debit Credit g. Record entry Clear entry View general Journal Required 1 Required 2 Required 3 Required 4 Required 5 Post entries from parts 1 and 3 to the following general ledger accounts. Raw Materials Inventory Transactions Debit June 30 Credit Acct. No. 132 Balance 31,000 Work in Process Inventory Transactions Debit Credit June 30 Acct. No. 133 Balance 7,985 Acct. No. 135 Finished Goods Inventory Transactions Debit Credit June 30 Factory Wages Payable Transactions Debit Acct. No. 212 Balance Balance Credit 120,000 Acct. No. 502 Sales Debit Acct. No. 413 Balance Cost of Goods Sold Transactions Debit Transactions Credit Credit Balance Acct. No. 540 Factory Overhead Transactions Debit Credit Balance

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