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1 Jones 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: 3 points Raw materials inventory Work in process inventory-Cutting Skipped Work in process inventory-Stitching Finished goods inventory Beginning Inventory $ 16,000 63,500 83,300 Ending Inventory $ 17,950 52,500 70,500 12,250 eBook Print References 40,100 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 Direct labor Direct labor-Cutting Direct labor-Stitching Factory Overhead (Actual costs) Indirect materials used Indirect labor used Other overhead costs Factory Overhead Rates Cutting Stitching Sales $ 35,000 22,250 $ 16,600 66,400 $ 10,800 55,400 49,000 (150% of direct materials used) (120% of direct labor used) $ 336,000 Journal entry worksheet > 1 2345-6-7-8 Record the purchase of materials (on credit). Note: Enter debits before credits. Date May 31 11 Account Title Debit Credit Record entry Clear entry View general journal 1 3 points Skipped eBook Prepare journal entries for the month of May's transactions. View transaction list Journal entry worksheet < 1 2 3 4 5 6 7 Record direct materials used in production. 8 11 > Print Note: Enter debits before credits. References Date May 31 Account Title Debit Credit Record entry Clear entry View general journal 1 Prepare journal entries for the month of May's transactions. View transaction list 3 points Journal entry worksheet Skipped < 1 2 3 4 567 8 11 eBook Record the usage of indirect materials. Print Note: Enter debits before credits. 10 References Date May 31 Account Title Debit Credit Record entry Clear entry View general journal 3 points Prepare journal entries for the month of May's transactions. View transaction list Journal entry worksheet Skipped < 1 2 3 4 5 eBook Print 678 11 > Record the cost of direct labor incurred but not yet paid. (Use "Factory wages payable" account). Note: Enter debits before credits. References Date May 31 Account Title Debit Credit Record entry Clear entry View general journal 1 Prepare journal entries for the month of May's transactions. View transaction list 3 points Journal entry worksheet Skipped < 1 2 3 4 5 6 78 eBook Print 11 Record the cost of indirect labor incurred but not yet paid. (Use "Factory wages payable" account). Note: Enter debits before credits. References Date May 31 Account Title Debit Credit Record entry Clear entry View general journal 1 Prepare journal entries for the month of May's transactions. View transaction list 3 points Skipped Journal entry worksheet < 1 2 3 4 5 Record overhead costs paid in cash. eBook Print References Note: Enter debits before credits. Date May 31 6 7 8 11 Account Title Debit Credit Record entry Clear entry View general journal 3 points 1 Skipped eBook Prepare journal entries for the month of May's transactions. View transaction list Journal entry worksheet < 1 2 3 4 5 6 7 8 11 > Record the application of overhead at a rate of 150% of direct materials costs (Cutting) and 120% of direct labor cost (Stitching). Print References Note: Enter debits before credits. Date May 31 Account Title Debit Credit Record entry Clear entry View general journal 3 points 1 Prepare journal entries for the month of May's transactions. View transaction list Skipped eBook Print 7 8 11 Journal entry worksheet < 1 2 3 4 5 6 Record the transferred costs of partially completed goods. Note: Enter debits before credits. Date References May 31 Account Title Debit Credit Record entry Clear entry View general journal 3 points 1 Skipped eBook Prepare journal entries for the month of May's transactions. View transaction list Journal entry worksheet 1 ... 4567 8 9 11 Record the transfer of production to finished goods, as calculated on the Cost of Goods Manufactured tab. Print Note: Enter debits before credits. Account Title Debit Credit References Date May 31 Record entry Clear entry View general journal 1 Prepare journal entries for the month of May's transactions. View transaction list 3 points Skipped Journal entry worksheet < 1 .. 4 5 6 7 8 9 10 11 Record the sale of goods on account. eBook Print Note: Enter debits before credits. References Date May 31 Account Title Debit Credit Record entry Clear entry View general journal 1 3. points Skipped eBook Print Prepare journal entries for the month of May's transactions. View transaction list Journal entry worksheet > 1 45678910 Record the cost of goods sold, as calculated on the cost of goods sold tab. 11 Note: Enter debits before credits. Date References May 31 Account Title Debit Credit Record entry Clear entry View general journal Requirement General Journal General Ledger Trial Balance Raw Materials Cost of Goods Mfg Cutting Cost of Goods Mfg Stitching Cost of Goods Sold Gross Profit Verify the ending balance in raw materials inventory. Materials used should be indicated with a minus sign. Beginning Raw Materials Inventory Materials available for use Ending raw material inventory Requirement General Journal General Ledger Trial Balance Raw Materials Cost of Goods Mfg Cutting Cost of Goods Mfg Stitching Cost of Goods Sold Gross Profit Prepare a schedule of cost of goods manufactured for the Cutting Department for the month of May. Dates: Apr 30 to: Apr 30 Total manufacturing costs added during May Total cost of work in process General Requirement Journal General Ledger Trial Balance Raw Materials Cost of Goods Mfg Cutting Cost of Goods Mfg Stitching Cost of Goods Sold Gross Profit Prepare a schedule of cost of goods manufactured for the Stitching Department for the month of May. Dates: Apr 30 to: Apr 30 Total manufacturing costs added during May Total cost of work in process Requirement General Journal General Ledger Trial Balance Raw Materials Cost of Goods Mfg Cutting Cost of Goods Mfg Stitching Cost of Goods Sold Gross Profit Calculate the value of cost of goods sold for the month of May. Ignore any over- or underapplied overhead in the calculation of cost of goods sold. Calculate cost of goods sold: Cost of goods available for sale Cost of goods sold Dates: Apr 30 to: Apr 30 General Requirement Journal General Ledger Trial Balance Raw Materials Cost of Goods Mfg Cutting Cost of Goods Mfg Stitching Cost of Goods Sold Gross Profit Calculate the value of gross profit for the month of May. Gross Profit Dates: Apr 30 to: Apr 30

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