Raw materials inventory Work in process inventory-Cutting Work in process inventory-stitching Finished goods inventory Direct materials Rav materials purchased on credit Direct materials used-Cutting Direct materials used-titching 203,500 223,300 180, 100 he following additional information describes the company's production activities for May Direct Labor Direct laber-Cutting Direct Labor-stitching Factory Overhead (Actual conta Indirect materials used Indirect labor used Other overhead costs Cutting Stitching Sales No 1 3 4 5 General Requirement Journal General Tral Balance Ledger Material Prepare joumal entries for the month of May's transactions. Account Te 6 7 B 9 Date May 31 May 31 May 31 May 31 May 31 May 31 May 31 May 31 May 31 HM Raw materials inventory Accounts payable Factory overhead Rew materials inventory Beginning Inventory $14,000 (150s of direct naterials used) Factory overhead $ 105,000 Work in process inventory-Cutting Raw materials inventory Factory wages payable $ 23,600 Factory overhead Cash #61,200 18,200 63,000 Work in process inventory-Cuting Work in process inventary-Sitching Factory sages payabin No journal entry required Answer is not complete. Cost of Goods Mig Cutting Ending 2nvertory #104,050 Work in process inventory Sing Common stock, $5 par value 59,500 140,500 40,210 11 Cost of Goods Mig Stitching O • ● ● ● ● ... ● 00 • 00 • O O O Cost of Goods Sold 106,000 $1,200- 23.600 $4,4000 14.200 118.000 Che 105.000 G 25,750 61.200 O 118,000 58.200
Raw materials inventory Work in process inventory-Cutting Work in process inventory-stitching Finished goods inventory Direct materials Rav materials purchased on credit Direct materials used-Cutting Direct materials used-titching 203,500 223,300 180, 100 he following additional information describes the company's production activities for May Direct Labor Direct laber-Cutting Direct Labor-stitching Factory Overhead (Actual conta Indirect materials used Indirect labor used Other overhead costs Cutting Stitching Sales No 1 3 4 5 General Requirement Journal General Tral Balance Ledger Material Prepare joumal entries for the month of May's transactions. Account Te 6 7 B 9 Date May 31 May 31 May 31 May 31 May 31 May 31 May 31 May 31 May 31 HM Raw materials inventory Accounts payable Factory overhead Rew materials inventory Beginning Inventory $14,000 (150s of direct naterials used) Factory overhead $ 105,000 Work in process inventory-Cutting Raw materials inventory Factory wages payable $ 23,600 Factory overhead Cash #61,200 18,200 63,000 Work in process inventory-Cuting Work in process inventary-Sitching Factory sages payabin No journal entry required Answer is not complete. Cost of Goods Mig Cutting Ending 2nvertory #104,050 Work in process inventory Sing Common stock, $5 par value 59,500 140,500 40,210 11 Cost of Goods Mig Stitching O • ● ● ● ● ... ● 00 • 00 • O O O Cost of Goods Sold 106,000 $1,200- 23.600 $4,4000 14.200 118.000 Che 105.000 G 25,750 61.200 O 118,000 58.200
Managerial Accounting
15th Edition
ISBN:9781337912020
Author:Carl Warren, Ph.d. Cma William B. Tayler
Publisher:Carl Warren, Ph.d. Cma William B. Tayler
Chapter2: Job Order Costing
Section: Chapter Questions
Problem 3E: Cost of materials issuances under the FIFO method An incomplete subsidiary ledger of materials...
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