I need help with the required 4 part. I got parts 1-3 right.

dit - Exams (25 pts) Comprehensive Problem Major League Bat Company 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, $30,000; Work in Process Inventory, $10,860 ($3.210 of direct materials and $7,650 of conversion): Finished Goods Inventory. $110,000, Sales, $0: Cost of Goods Sold, SO: Factory Wages Payable, $0, and Factory Overhead, $0. 1. Prepare journal entries to record the following July transachons and events a. Purchased raw materials for $170,000 cash (the company uses a perpetual inventory system) b. Used raw materials as follows: direct materials, $65,040, and indirect materials, $15,500. c. Recorded factory wages payable costs as follows: direct labor, $216,000; and indirect labor, $30,500, d. Paid factory payroll cost of $246,500 with cash (ignore taxes) e. Incurred additional factory overhead costs of $91,000 paid in cash. 1. 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.) 8.500 units 11,680 units 5, eee units Units Beginning inventory Started Ending inventory Beginning inventory Materials-Percent complete Conversion-Percent complete Ending inventory Materials-Percent complete Conversion-Percent complete 100% 75% 100% 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 $293,200 for $680,000 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 Prepare journal entries to record the following July transactions and events. a. Purchased raw materials for $170,000 cash (the company uses a perpetual inventory system). b. Used raw materials as follows: direct materials, $65,040; and indirect materials, $15,500. c. Recorded factory wages payable costs as follows: direct labor, $216,000; and indirect labor, $30,500 d. Paid factory payroll cost of $246,500 with cash (ignore taxes). e. Incurred additional factory overhead costs of $91,000 paid in cash. f. Applied factory overhead to production at 50% of direct labor costs. Show less View transaction list View journal entry worksheet Credit No 1 Transaction a. General Journal Raw materials inventory Cash Debit 170,000 170,000 2 2 b. Work in process inventory Factory overhead Raw materials inventar 65,040 15,500 An nl 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.) $ S 10,860 389,040 399,900 399,900 0 S Total costs to account for: Cost of beginning work in process Costs incurred this period Total costs to account for: Total costs accounted for Difference due to rounding cost/unit Unit reconciliation: Units to account for: Beginning work in process inventory - units Units started this period Total units to account for Total units accounted for: Units completed and transferred out Ending work in process- units Total units accounted for Equivalent units of production (EUP)- weighted average method 8,500 11.000 19,500 14,500 5,000 19,500 Units Units completed and transferred out Ending work in process- units Total units 14,500 5,000 19,500 Materials 100% 100% EUP. Materials 14,500 5,000 19,500 % Labor 100% 40% EUP Conversion 14,500 2,000 16,500 Equivalent units of production (EUP)- weighted average method EUP Units % Labor Conversion Materials 100% 100% 100% 40% EUP Materials 14,500 5,000 19,500 Materials $ 3,210 65,040 $ 68,250 19,500 $ 3.50 14,500 2,000 16,500 Conversion $ 7,650 324,000 $ 331,650 / 16,500 $ 20.10 Costs EUP Costs EUP Units completed and transferred out 14,500 Ending work in process units 5,000 Total units 19,500 Cost per equivalent unit of production Cost of beginning work in process Costs incurred this period 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 14,500 Conversion 14,500 Total costs transferred out Costs of ending goods in process EUP Direct materials 5,000 Conversion 2,000 Total cost of ending goods in process Total costs accounted for Total cost Cost per EUP $ 3.50S $ 20.10 50,750 291,450 $ 342,200 Cost per EUP $ $ 3.50 20.10 Total cost $ 17,500 40,200 57,700 399,900 $ 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.) Answer is not complete. 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 $293,200 for $680,000 in cash. Show less No Transaction Credit General journal Finished goods inventory Work in process inventory Debit 342,200 342,200 h. Cash Sales 680,000 680,000 h. Cost of goods sold Finished goods inventory 293,200 293,200 Required 2 Required 4 > earch