Work in process (WIP)-Cutting | |||
WIP-April 30 | 213,500 | C of GM-Cutting | 157,100 |
Direct materials-cutting | 26,000 | ||
DL-Cutting | 24,100 | ||
OH-cutting | 39000 | ||
WIP-May 31 | 145,500 |
Work in process (WIP)-Stitching | |||
WIP-April 30 | 233,300 | Cof GM-Stitching | 489,280 |
Cof GM-cutting | 157,100 | ||
DL-stitching | 96,400 | ||
OH-Stitching | 115680 | ||
WIP-May 31 | 113,200 |
Finished goods | |||||
FG-April 30 | 54,100 | COGS | 501,130 | ||
C of GM-Stitching | 489,280 | ||||
FG-May 31 | 42,250 | ||||
production costs transferred from cutting to stitching | 157,100 | ||||
cost of goods tranferred to finished goods | 489,280 | ||||
cost of goods sold | 501,130 | ||||
Journal Entries | |||||||
No | Date | General Journal | Debit | Credit | |||
1 | 31-May | Raw materials inventory | 110,000 | ||||
Accounts payable | 110,000 | ||||||
2 | 31-May | Work in process inventory-Cutting | 26,000 | ||||
Raw materials inventory | 26,000 | ||||||
3 | 31-May | Factory overhead | 64,800 | ||||
Raw materials inventory | 64,800 | ||||||
4 | 31-May | Work in process inventory-Cutting | 24,100 | ||||
Work in process inventory-Stitching | 96,400 | ||||||
Factory wages payable | 120,500 | ||||||
5 | 31-May | Factory overhead | 58,400 | ||||
Factory wages payable | 58,400 | ||||||
6 | 31-May | Factory wages payab;e | 178,900 | ||||
cash | 178,900 | ||||||
7 | 31-May | Factory overhead | 64,000 | ||||
other accounts | 64,000 | ||||||
8 | 31-May | Work in process inventory-Cutting | 39000 | ||||
Work in process inventory-Stitching | 115680 | ||||||
Factory wages payable | 154680 | ||||||
9 | 31-May | Work in process inventory-Stitching | 157,100 | ||||
Work in process inventory-Cutting | 157,100 | ||||||
10 | 31-May | finished goods inventory | 489,280 | ||||
Work in process inventory-Stitching | 489,280 | ||||||
11 | 31-May | cost of good sold | 501,130 | ||||
Finished goods inventory | 501,130 | ||||||
12 | 31-May | Accounts receivable | 936,000 | ||||
Sales | 936,000 | ||||||
Problem 03-1A Production cost flow and measurement; journal entries LO P1, P2, P3, P4 (The following...
Required information Problem 03-1A Production cost flow and measurement; journal entries LO P1, P2, P3, P4 (The following information applies to the questions displayed below.) Sierra 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: Work in process inventory-Cutting Work in process inventory Stitching Finished goods inventory Beginning Ending Inventory Inventory 143,500 110,500 163,300 91,500 40,100 28,250...
Required information Problem 20-1A Production cost flow and measurement; journal entries LO P1, P2, P3, P4 [The following information applies to the questions displayed below.] Sierra 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: Beginning Inventory Ending Inventory Work in process inventory—Cutting 43,500 51,500 Work in process inventory—Stitching 63,300 60,500 Finished goods inventory 20,100 8,250 The...
Required information Problem 03-1A Production cost flow and measurement, journal entries LO P1, P2, P3, P4 [The following information applies to the questions displayed below.] Sierra 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: Work in process inventory-Cutting Work in process inventory-Stitching Finished goods inventory Beginning Inventory 153,500 173,300 42,100 Ending Inventory 115, see 94.669 30,250...
Required information Problem 16-1A Production cost flow and measurement; journal entries LO P1, P2, P3, P4 [The following information applies to the questions displayed below.) Sierra 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 and Beginning Inventory $ 36,000 103,500 123,300 32,100...
Required information Problem 16-1A Production cost flow and measurement; journal entries LO P1, P2, P3, P4 [The following information applies to the questions displayed below) Sierra 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 $ 96,000 223,500 243,300 56,100...
can someone help please? Problem 03-1A Production cost flow and measurement, journal entries LO P1, P2, P3, P4 [The following information applies to the questions displayed below.) Sierra Company manufactures soccer balls in two sequential processes. Cutting and Stitching. All direct naterials enter production at the beginning of the Cutting process. The following information is available regarding its May inventories Work in process inventory-Cutting Work in process inventory-stitching Finished goods inventory Beginning Inventory 153,500 173,300 42,100 Ending Inventory 115,500 94,600...
Required information Problem 20-1A Production cost flow and measurement; journal entries LO P1, P2, P3, P4 [The following information applies to the questions displayed below.] Sierra 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: Beginning Inventory Ending Inventory Work in process inventory—Cutting 43,500 51,500 Work in process inventory—Stitching 63,300 60,500 Finished goods inventory 20,100 8,250 The...
i need some corrections please Problem 03-1A Production cost flow and measurement, journal entries LO P1, P2, P3, P4 The following information applies to the questions displayed below) Sierra 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: Work in process inventory-Cutting Work in process inventory-Stitching Finished goods Inventory Beginning Inventory 153,500 173,300 42,100 Ending Inventory 115,500...
Problem 16-1A Production cost flow and measurement; journal entries LO P1, P2, P3, P4 [The following information applies to the questions displayed below) Sierra Company manufactures woven blankets and accounts for product costs using process costing. Data below are for one of its processing departments. The following information is available regarding its May Inventories. Beginning Ending Inventory Inventory Raw materials inventory $ 60,000 $ 92,500 Work in process inventory 435,000 515,000 Finished goods inventory 633, 080 605,000 The following additional...
Required information Problem 16-1A Production cost flow and measurement; journal entries LO P1, P2, P3, P4 The following information applies to the questions displayed below.) Sierra Company manufactures woven blankets and accounts for product costs using process costing. Data below are for one of its processing departments. The following information is available regarding its May inventories Raw materials inventory Work in process inventory Finished goods inventory Beginning Ending Inventory Inventory $ 61,000 $68,000 405,500 577,000 630,000 562,000 The following additional...