GLO301 - Based on Problem 03-1A LO P1, P2, P3, P4 Walsh 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 $111,000 253,500 273,300 230,180 Ending Inventory $134,500 62,000 165,500 50,250 The following additional information describes the company's production activities for May Direct materials waterials purchased on credit Direct materials used-Cuttine Direct materials used-stitching $130. 27,000 Direct Labor Direct laboe Cutting Direct labor-stitching Total factory payroll paid in cash) $ 26,100 104.400 Factory Overhead (Actual costs Indirect materials used Indirect labor used other overhead costs 68.de Factory Overhead Rates ofdletters felha SL . Answer is not complete Tal Balance Goods MyGoods ting Goods Prepare journal entries for the month of May's transactions May 31 Work in process inventory--Cutting Raw materials inventory 27,000 27.000 May 31 79.200 Factory overhead Raw materials inventory 79 200 Oo ooo oo oo Way 31 Work in process inventory Cutting Work in process inventory-Stitching Factory wages payable 26,100 104,400 130,500 May 31 59,200 Factory Overhead Factory wages payable 59 200 May 31 No Transaction Recorded May 31 Factory overhead Other accounts 68 000 68.000 May 31 Work in process inventory Cutting Work in process inventory Stitching Factory overhead 40.500 125 280 165 780 May 31 Work in process inventory Stitching Work in process inventory Cutting ay 31 Finished goods inventory Work in process inventory Siching 00 00 00 000 31 Cost of goods sold Finished goods inventory Requement General Ledger > he 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 $130,000 27,000 Direct labor Direct labor-Cutting Direct labor-Stitching Total factory payroll paid (in cash) $ 26,100 104,400 189,700 Factory Overhead (Actual costs) Indirect materials used Indirect labor used Other overhead costs $ 79,200 59,200 68,000 Factory Overhead Rates Cutting (150% of direct materials used) Stitching (120% of direct labor used) Sales $1,096,000 3 Answer is not complete. General Raw Requirement General Journal Balance Ledger Cost of Goods Mfg cutting Cost of Materials Cost of Goods My stitching G ross Profit I Verify the ending balance in raw materials inventory. Enter the amount of materials used as negative values Beginning Raw Materials Inventory Raw materials purchased Matalas aveable for use Indirect materials used Ending raw material inventory. Teal Balance Cost of Good Mg Cutting > rect labor Direct labor-Cutting Direct lobor-Stitching Total factory payroll paid (in cash) $ 26,100 104,400 189,700 Factory Overhead (Actual costs) Indirect materials used Indirect labor used other overhead costs $ 79,200 59,200 68,000 Factory Overhead Rates Cutting (150% of direct materials used) stitching (120% of direct labor used) Sales $1,096,000 Answer is not complete. Cost of Requirement General General Raw Cost of Journal Ledger mal Balance Materials Goods Mfg Goods and Cutting stitching Prepare a schedule of cost of goods manufactured for Walsh Company for the month of May. Cost of Gross Pro Dates: Apr 30 to Apr 30 Total manufacturing costs added during May Total cost of work in process Proy 1 of 1 !! Next > u t labor Direct Labor-cutting Direct labor-Stitching Total factory payroll paid (in cash) $ 26,180 104,400 189,700 Factory Overhead (actual costs) Indirect saterials used Indirect Labor used Other overhead costs $ 79,200 59.200 68,000 Factory Overhead Rates Cutting (150% of direct saterials wed) Stitching (120 of direct labore $1.096.000 Sales 3 Answer is not complete Requirement General Journal General Ledger al Balance Cost of Goods MyGoods lo Materials Cost of Goods Sold Gross Profit Prepare a schedule of cost of goods manufactured for Walsh Company for the month of Mary Date Apr 30 to Apr 30 Total manufacturing costs added during May Cost of Good Mg Cunting Cost of Goods Sold> erials used-Stitching 130,000 27,000 Direct labor Direct labor-Cutting Direct labor-stitching Total factory payroll paid (in cash) $ 26,100 104,400 189,700 Factory Overhead Cactual costs) Indirect materials used Indirect Labor used Other overhead costs $ 79,200 59,200 68,000 Factory Overhead Rates Cutting (1501 of direct materials used) stitching (120 of direct labor used) Sales $1,096,000 Answer is not complete. Requirement General General Cost of w Cost of Journal Ledger Trial Balance Materials Goods My Coods Cost of Cutting stitching Goods Sold Gross Pro 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: Apr 30 to: Apr 30 Calculate cost of goods sold: Beginning work in process inventory Cost of goods available for sale Cost of goods sold Prey 1 of 1 f!! Next > so far. It does not indicate complet Work in process inventory-Cutting Work in process inventory-stitching Finished goods inventory 253,500 273,300 230,100 62,080 165,500 50,250 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 $130,000 27, Direct labor Direct Labor-cutting Direct Labor-stitching Total factory payroll paid (in cash) 26,100 104,400 109,700 Factory Overhead Actual costs) Indirect materials used Indirect labor used Other overhead costs $ 79,200 59,200 60,000 Factory Overhead Rates cutting (150% of direct materials used) Stitching (120 of direct labor wed) Sales $1,696,000 Answer is not complete. Requirement General Caner Journal Trial Balance cost of Ledger Materials Cost of og uting Cost of ind Sitching Calculate the value of gross profit for the month of May. Dates: Apr 30 to Apr 30 Gross Profit