GLO301 - Based on Problem 3-5A (Algo) LO P3, P4 Fisher Company manufactures soccer balls in...

 

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GLO301 - Based on Problem 3-5A (Algo) LO P3, P4 Fisher 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 Direct materials Raw materials purchased on credit Direct materials used-Cutting Direct materials used-Stitching $ 151,000 333,500 353,300 310,100 The following additional information describes the company's production activities for May. Direct labor Direct labor-Cutting Direct labor-Stitching Factory Overhead (Actual costs) Indirect materials used Indirect labor used Other overhead costs Factory Overhead Rates Cutting Stitching Sales Beginning Inventory $ 1,516,000 $ 170,000 29,000 0 $ 30,100 120,400 Ending Inventory $ 184,000 66,000 205,500 66,250 $ 108,000 60,800 76,000 (150% of direct materials used) (120% of direct labor used) View transaction list Journal entry worksheet < 1 2 Date May 31 3 Record the purchase of materials (on credit). Note: Enter debits before credits. Record entry 4 5 6 Account Title Clear entry 7 8 < Requirement TERRE Debit 11 Credit View general journal General Ledger > > Requirement General Journal General Ledger Trial Balance Raw Materials Cost of Goods Mfg Cutting Cost of Goods Mfg Stitching < Requirement Cost of Goods Sold General Journal tab - Journalize the transactions related to Fisher 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 Fisher 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 General Ledger tab. Trial Balance tab - General ledger software also automates the preparation of trial balances. A trial balance lists each account from the General Ledger, along with its balance, either a debit or a credit. Total debits should always equal total credits. Gross Profit Raw Materials tab - Calculate the total cost of direct materials used in production during May. Cost of Goods Manufactured Cutting and Stitching tab - Prepare a schedule of cost of goods manufactured for Fisher Company for the month of May. Cost of Goods Sold tab - Prepare a schedule of cost of goods sold for Fisher Company for the month of May. Gross Profit tab - Calculate the gross profit on sales for May. General Journal > GLO301 - Based on Problem 3-5A (Algo) LO P3, P4 Fisher 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 Direct materials Raw materials purchased on credit Direct materials used-Cutting Direct materials used-Stitching $ 151,000 333,500 353,300 310,100 The following additional information describes the company's production activities for May. Direct labor Direct labor-Cutting Direct labor-Stitching Factory Overhead (Actual costs) Indirect materials used Indirect labor used Other overhead costs Factory Overhead Rates Cutting Stitching Sales Beginning Inventory $ 1,516,000 $ 170,000 29,000 0 $ 30,100 120,400 Ending Inventory $ 184,000 66,000 205,500 66,250 $ 108,000 60,800 76,000 (150% of direct materials used) (120% of direct labor used) View transaction list Journal entry worksheet < 1 2 Date May 31 3 Record the purchase of materials (on credit). Note: Enter debits before credits. Record entry 4 5 6 Account Title Clear entry 7 8 < Requirement TERRE Debit 11 Credit View general journal General Ledger > > Requirement General Journal General Ledger Trial Balance Raw Materials Cost of Goods Mfg Cutting Cost of Goods Mfg Stitching < Requirement Cost of Goods Sold General Journal tab - Journalize the transactions related to Fisher 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 Fisher 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 General Ledger tab. Trial Balance tab - General ledger software also automates the preparation of trial balances. A trial balance lists each account from the General Ledger, along with its balance, either a debit or a credit. Total debits should always equal total credits. Gross Profit Raw Materials tab - Calculate the total cost of direct materials used in production during May. Cost of Goods Manufactured Cutting and Stitching tab - Prepare a schedule of cost of goods manufactured for Fisher Company for the month of May. Cost of Goods Sold tab - Prepare a schedule of cost of goods sold for Fisher Company for the month of May. Gross Profit tab - Calculate the gross profit on sales for May. General Journal >

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Question 2 Cutting Department Direct Material used in production 29000 Direct Labor 3... View the full answer