Question

Required information The following information applies to the questions displayed below Sierra Company manufactures soccer balls in two sequential processes. Cutting and Sitching Alde production at the beginning of the Cutting process. The following information is available regarding Me Raw materials inventory Work in process inventory-Cutting Work in process Inventory-Stitching Finished goods inventory Beginning Inventory $ 81,000 193.560 213. See 5e, 100 Ending Inventory $ 97,900 135.500 107, eae 38,25e 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 $180,aee 25, 500 Direct labor Direct laboreCutting Direct labor-Stitching Total factory payroll paid (in cash) 5 21,100 92,400 173.500 125 Next >

can someone please help me with this

Answer 1

Raw material (RM)				Work in process (WIP)-cutting
Beg.Bal.	$81,000	$25,500	Work in process-cutting	Beg.Bal	$193,500	$144,850	Work in process-stitching
Raw material purchases	100,000	57,600	Factory overhead	Raw material	25,500
End.Bal.	$97,900			Factory wages	23,100
				Factory overhead (25,500*150%)	38,250
				End.Bal.	$135,500
Work in process (WIP)-stitching				Factory Overhead
Beg.Bal	$213,300	$454,430	Finished goods	Beg.Bal	$0	$38,250	Work in process (WIP)-cutting
Work in process-cutting	144,850			Raw material	57,600	110,880	Work in process (WIP)-stitching
Factory wages	92,400			Factory wages	58,000
Factory overhead (92,400*120%	110,880			Other overhead cost	62,000
End.Bal.	$107,000			End.Bal	$28,470
Factory wages payable				Finished Goods (FG)
Cash	$173,500	$23,100	Work in process (WIP)-cutting	Beg.Bal.	$50,100	$466,280	Cost of goods sold
		92,400	Work in process (WIP)-stitching	Work in process (WIP)-stitching	454,430
		58,000	Factory overhead	End.Bal.	$38,250
		$0	End.Bal.
Income Statement
Sales	$856,000
Cost of goods sold	-466,280
Gross profit	$389,720