GL$0301-$ Based on Problem $3-5$A $($Algo$)$ LO P$3,$ P$4$

Williams 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:

The following additional information describes the company's production activities for May.

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Direct materials

Raw materials purchased on credit $ $155,000$

Direct materials used$-$Cutting $28,250$

Direct materials used$-$Stitching $0$

Direct labor

Direct labor$-$Cutting $ $28,600$

Direct labor$-$Stitching $114,400$

Factory Overhead $($Actual costs$)$

Indirect materials used $$97,200$

Indirect labor used $60,200$

Other overhead costs $73,000$

Factory Overhead Rates

Cutting $(150\%$ of direct materials used$)$

Stitching

$(120\%$ of direct labor used$)$

Sales

$ $1,336,000$

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General Journal tab $-$ Journalize the transactions related to Williams 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 Williams 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 Requirement

General

General

Trial Balance

Raw

Materials

Goods Mfg

Goods Mfg

Cost of

Goods Sold

Verify the ending balance in raw materials inventory. Materials used should be indicated with a minus sign. Dates:

April $30$ to:

$-$ I

Prepare a schedule of cost of goods manufactured for the Stitching Department for the month of May.

Dates:

April $30$

to:

April $30$

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.

Dates:

April $30$

to: