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Amidon 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 $ 41,000 113,500 133,300 90,100 Ending Inventory $48,700 55,000 95,500 22,250 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 $ 60.000 23,500 Direct labor Direct labor-Cutting Direct labor-stitching Total factory payroll paid (in cash) $19,100 76.400 151.900 Factory Overhead (Actual costs) Indirect materials used Indirect labor used Other overhead costs $ 28,800 56.400 54,000 Factory Overhead Rates Cutting (150of direct materials used) stitching (120 of direct labor used) Sales 5536.000 General Requirement Cost of General cost of Trial Balance Goods Mg Goods Mfg cost of Grosso Journal Ledger Materials Cutting Stitching Goods Sold Gross Profit General Journal tab - Prepare journal entries to record the transactions of Amidon Company during the month of May. Cost of Materials Used 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 Amidon Company for the month of May. Cost of Goods Sold tab - Prepare a schedule of cost of goods sold for Amidon Company for the month of May Gross Profit tab - Calculate the cross orofit on sales for May

Answer 1

1. In the books of Amidon Company:

Transaction	Account Title	Debit	Credit
		$	$
a.	Raw Materials Inventory	60,000
	Accounts Payable		60,000
b.	Work in Process Inventory: Cutting	23,500
	Factory Overhead	28,800
	Raw Materials Inventory		52,300
c.	Work in Process Inventory: Cutting	19,100
	Work in Process Inventory : Stiching	76,400
	Factory Overhead	56,400
	Cash		151,900
d.	Factory Overhead	54,000
	Accounts Payable		54,000
e.	Work in Process Inventory: Cutting ( $23,500 x 150 % )	35,250
	Work in Process Inventory: Stitching ( $ 76,400 x 120 % )	91,680
	Factory Overhead		126,930
f.	Work in Process Inventory: Stitching	136,350
	Work in Process Inventory: Cutting		136,350
g.	Finished Goods Inventory	342,230
	Work in Process: Stitching		342,230
h.	Cash	536,000
	Sales		536,000
h.	Cost of Goods Sold	410,080
	Finished Goods Inventory		410,080

2.

Raw Materials Inventory
Beg. bal.	41,000	b.	52,300
a.	60,000
End. bal.	48,700
Work in Process Inventory : Cutting
Beg. bal.	113,500	f.	136,350
b.	23,500
c.	19,100
e.	35,250
End. bal.	55,000
Work in Process Inventory : Stitching
Beg. bal.	133,300	g.	342,230
c.	76,400
e.	91,680
f.	136,350
End. bal.	95,500
Finished Goods Inventory
Beg. bal.	90,100	h.	410,080
g.	342,230
End. bal.	22,250
Cost of Goods Sold
Beg. bal.	0
h.	410,080
Factory Overhead Underapplied	12,270
End. bal	422,350
Factory Overhead
b.	28,800	e.	126,930
c.	56,400
d.	54,000
Underapplied			12,270

Gross Profit :

Sales	$ 536,000
Cost of Goods Sold	422,350
Gross Profit	$ 113,650