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…
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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.
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.
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
e. Incurred additional factory overhead costs of $80,000 paid
f. Applied factory overhead to production at 50% of direct
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.)
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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.)
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.
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.)
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