Major League Bat Company July Inventory Journal I need help with Question #3 of this assignment which is attached. There is no need to do part 1 and 2 of t

Major League Bat Company July Inventory Journal I need help with Question #3 of this assignment which is attached. There is no need to do part 1 and 2 of the assignment, I have already completed that part. Ch20 Homework Proble…
Saved
Help
Save & Exit
5
Check my work
3
Major League Bat Company manufactures baseball bats. In
addition to its work in process inventories, the company
maintains inventories of raw materials and finished goods. It
uses raw materials as direct materials in production and as
indirect materials. Its factory payroll costs include direct labor
for production and indirect labor. All materials are added at the
beginning of the process, and conversion costs are applied
uniformly throughout the production process.
points
eBook
Required:
You are to maintain records and produce measures of
inventories to reflect the July events of this company. The June
30 balances: Raw Materials Inventory, $25,000; Work in
Process Inventory, $8,135 ($2,660 of direct materials and
$5,475 of conversion); Finished Goods Inventory, $110,000;
Sales, $0; Cost of Goods Sold, $0; Factory Wages Payable, $0;
and Factory Overhead, $0.
Ask
References
1. Prepare journal entries to record the following July
transactions and events.
a. Purchased raw materials for $125,000 cash (the company
uses a perpetual inventory system).
b. Used raw materials as follows: direct materials, $52,440;
and indirect materials, $10,000.
C. Recorded factory wages payable costs as follows: direct
labor, $202,250; and indirect labor, $25,000.
d. Paid factory payroll cost of $227,250 with cash (ignore
taxes).
e. Incurred additional factory overhead costs of $80,000 paid
in cash.
f. Applied factory overhead to production at 50% of direct
labor costs.
2. Information about the July inventories follows. Use this
information with that from part 1 to prepare a process cost
summary, assuming the weighted-average method is used.
(Round “Cost per EUP” to 2 decimal places.)
< ?? Prev of 3 Next >
Southwest Tennessee Comn
to Student: Home – My.Southv
Ch 20 Assignments – ACCT-
Connect
X +
V
UNT
https://ezto.mheducation.com/ext/map/index.html?_con=con external browser=0&launchurl=http56253A
F86252Fnewconnectmheducation.com%252F#/activity question-group/KEZASsSkePum5XC
Using the results
1 of 1
>
Options v
Friday
Ch20 Homework Problems
Help
Save & Exit
3
2. Information about the July inventories follows. Use this information with that from part 1 to prepare a process cost summary,
assuming the weighted-average method is used. (Round “Cost per EUP” to 2 decimal places.)
5,000 units
14,000 units
8,000 units
Units
Beginning inventory
Started
Ending inventory
Beginning inventory
Materials-Percent complete
Conversion-Percent complete
Ending inventory
Materials-Percent complete
Conversion-Percent complete
greso
100%
75%
100%
40%
3. Using the results from part 2 and the available information, make computations and prepare journal entries to record the following:
g. Total costs transferred to finished goods for July.
h. Sale of finished goods costing $265,700 for $625,000 in cash.
4. Post entries from parts 1 and 3 to the following general ledger accounts.
5. Compute the amount of gross profit from the sales in July. (Hint Add any underapplied overhead to, or deduct any overapplied
overhead from, the cost of goods sold.)
Complete this question by entering your answers in the tabs below.
Required 1
Required 2
Required 3
Required 4
Required 5
Compute the amount of gross profit from the sales in July. (Hint: Add any underapplied overhead to, or deduct any
overapplied overhead from, the cost of goods sold.)
Gross profit
Prev
O
ji
e

Purchase answer to see full
attachment

Don't use plagiarized sources. Get Your Custom Essay on
Major League Bat Company July Inventory Journal I need help with Question #3 of this assignment which is attached. There is no need to do part 1 and 2 of t
Just from $13/Page
Order Essay
Homework On Time
Calculate the Price of your PAPER Now
Pages (550 words)
Approximate price: -

Why Choose Us

Top quality papers

We always make sure that writers follow all your instructions precisely. You can choose your academic level: high school, college/university or professional, and we will assign a writer who has a respective degree.

Professional academic writers

We have hired a team of professional writers experienced in academic and business writing. Most of them are native speakers and PhD holders able to take care of any assignment you need help with.

Free revisions

If you feel that we missed something, send the order for a free revision. You will have 10 days to send the order for revision after you receive the final paper. You can either do it on your own after signing in to your personal account or by contacting our support.

On-time delivery

All papers are always delivered on time. In case we need more time to master your paper, we may contact you regarding the deadline extension. In case you cannot provide us with more time, a 100% refund is guaranteed.

Original & confidential

We use several checkers to make sure that all papers you receive are plagiarism-free. Our editors carefully go through all in-text citations. We also promise full confidentiality in all our services.

24/7 Customer Support

Our support agents are available 24 hours a day 7 days a week and committed to providing you with the best customer experience. Get in touch whenever you need any assistance.

Try it now!

Calculate the price of your order

Total price:
$0.00

How it works?

Follow these simple steps to get your paper done

Place your order

Fill in the order form and provide all details of your assignment.

Proceed with the payment

Choose the payment system that suits you most.

Receive the final file

Once your paper is ready, we will email it to you.

Our Services

No need to work on your paper at night. Sleep tight, we will cover your back. We offer all kinds of writing services.

Essays

Essay Writing Service

You are welcome to choose your academic level and the type of your paper. Our academic experts will gladly help you with essays, case studies, research papers and other assignments.

Admissions

Admission help & business writing

You can be positive that we will be here 24/7 to help you get accepted to the Master’s program at the TOP-universities or help you get a well-paid position.

Reviews

Editing your paper

Our academic writers and editors will help you submit a well-structured and organized paper just on time. We will ensure that your final paper is of the highest quality and absolutely free of mistakes.

Reviews

Revising your paper

Our academic writers and editors will help you with unlimited number of revisions in case you need any customization of your academic papers