Sierra Company manufactures soccer balls in two sequential processes: Cutting and Stitching. All direct materials enter...

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Sierra 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:

Raw materials purchased on credit Direct materials used-Cutting Direct materials used-stitching $ 35,000 22,250 Direct labor

Direct labor-Cutting Direct labor-Stitching Total factory payroll paid (in cash) $ 16,600 66,400 138,409 Factory Overhead (Ac

Joumal entry worksheet Record purchase of raw materials.

Joumal entry worksheet Record direct materials used in production.

red letomation Journal entry worksheet Recoed indirect materials used in production

ed information urnal entry worksheet 1 2 3 4 Record direct laber est incurred, but not yet paid.

Journal entry worksheet < 1 2 3 4 1 6 Record indirect labor cost incurred, but not yet paid, Nobel Enter debts before credits

ournal entry worksheet Record payment of total factory payroll

Journal entry worksheet Record other overhead costs incurred (credit Other accounts).

please help

business accounting

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Answer 1

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Answer #1

Journal Entries:

Serial	Date	Accounts Title	Debit $	Credit $
1	31-May	Raw Material Inventory	35000
		Accounts Payable		35000
		(being raw material purchased on credit)

2	31-May	WIP-Cutting	22250
		Raw Material Inventory		22250
		(raw material applied to Cutting process)

3	31-May	Factory Overhead	10800
		Raw Material Inventory		10800
		(indirect material applied to overhead)

4	31-May	WIP-Cutting	16600
		WIP-Stitching	66400
		Payroll payable		83000
		(being labor applied to production)

5	31-May	Factory overhead	55400
		payroll payable		55400
		(being factory payroll applied to overhead)

6	31-May	Payroll Payable	138400
		Cash		138400
		(being Payroll paid)

7	31-May	Factory overhead	49000
		Other accounts		49000
		(other overhead costs incurred)

8	31-May	WIP-Cutting	33375		(22250*150%)
		WIP-Stitching	79680		(66400*120%)
		Factory overhead		113055
		(being overhead applied to production)

9	31-May	WIP-Stitching	65225
		WIP-Cutting		65225
		(being partially completed goods transferred )

10	31-May	FG Inventory	227905
		WIP-Stitching		227905
		(finished goods transferred )

11	31-May	COGS	239755
		FG Inventory		239755
		(being COGS booked for sales)

12	31-May	Accounts Receivable	336000
		Sales revenue		336000
		(being sales booked)


Ledger Accounts:
DEBIT	AMOUNT$	CREDIT	AMOUNT$
WIP Cutting
ob	63500	WIP-Stitching	65225
RM	22250	cb	70500
DL	16600
FO	33375
Total	135725	Total	135725

WIP Stitching
ob	83300	FG Inventory	227905
WIP-Cutting	65225	cb	66700
DL	66400
FO	79680
Total	294605	Total	294605

Finished Goods Inventory
ob	24100	COGS	239755
WIP Stitching	227905	cb	12250
Total	252005	Total	252005

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Answer 2

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