Journal Entries:- Sierra Company | ||||
Serial | Date | Accounts Title | Debit $ | Credit $ |
1 | 31-May | Raw Material Invenry | $80,000 | |
Accounts Payable | $80,000 | |||
To Record raw material purchased on credit | ||||
2 | 31-May | WIP-Cutting | $24,500 | |
Raw Material Invenry | $24,500 | |||
To Record raw material applied Cutting process | ||||
3 | 31-May | Facry Overhead | $43,200 | |
Raw Material Invenry | $43,200 | |||
TO Record indirect material | ||||
4 | 31-May | WIP-Cutting | $21,100 | |
WIP-Stitching | $84,400 | |||
Payroll payable | $105,500 | |||
TO Record labor applied production | ||||
5 | 31-May | Factory overhead | $57,200 | |
payroll payable | $57,200 | |||
To Record Indirect Labour | ||||
6 | 31-May | Payroll Payable | $162,700 | |
Cash | $162,700 | |||
TO Record Payroll Paid in Cash | ||||
7 | 31-May | Factory overhead | $58,000 | |
Other accounts | $58,000 | |||
To Record other Overhead | ||||
8 | 31-May | WIP-Cutting (80000*150%) | $120,000 | |
WIP-Stitching (84400*120%) | $101,280 | |||
Factory overhead | $221,280 | |||
TO Record Overhead Aplied | ||||
9 | 31-May | WIP-Stitching | $203,600 | |
WIP-Cutting (24500( Material)+21100 (Labour)+120000 ( OH)+153500 ( Opg WIP)-115500 (Clg WIP) |
$203,600 | |||
TO Record partially completed goods transferred | ||||
10 | 31-May | FG
Invenry (84400 ( Labour)+101280 ( OH)+203600 (trf from cutting)+173300 ( Opg WIP)-94600 (Clg WIP)) |
$467,980 | |
WIP-Stitching | $467,980 | |||
To Record finished goods transferred | ||||
11 | 31-May |
COGS (42100 Opg FG+467980(WIP))-30250 ( Clg FG) |
$479,830 | |
FG Inventory | $479,830 | |||
TO Record COGS | ||||
12 | 31-May | Accounts Receivable | $696,000 | |
Sales revenue | $696,000 | |||
TO Record sales made |
Required information Problem 03-1A Production cost flow and measurement, journal entries LO P1, P2, P3, P4...
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 213,500 145,500 233,300 113,200 54,100 42,250 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 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 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 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...
GLO301 - Based on Problem 03-1A LO P1, P2, P3, P4 Stam 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 Ending Inventory Inventory $121,000 $147,100 273,500 63,000 293,388 175,500 250,100 54,250 The following additional information describes the company's production activities for...
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...
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...
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...
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...