Trio company reports the following information for the current year which is it’

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Trio company reports the following information for the current year which is it’s first year of operations Trio company reports the following information for the current year which is it’s first year of operations Trio company reports the following information for the current year which is it’s first year of operations com/flow/connect.html misph... Saved tudy Guide Help Comprehensive Problem Major League Bat Company 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 asd irect materials in production and as indirect materials. Its payroll costs include direct labor for production and indirect labor. All materials are added at the beginning of the process, and version costs are applied uniformly throughout the production process. Required: You are to maintain records and produce m Goods Inventory, $150,000; Sales, $0, Cost of Goods Sold, SO, Factory Payroll Payable, $0; and Fa 1. Prepare journal entries to record the following July transactions and events. easures of inventories to reflect the July events of this company. The June 30 balances ntory, $34,000; Work in Process Inventory, $10,220 ($3,410 of direct materials and $6,810 of conversion); Finished Purchased raw materials for $190,000 b. Used raw materials as follows: direct materials, $55,090, and indirect materials, $17,500. cash (the company uses a perpetual inventory system). Recorded factory payroll payable costs as follows: direct labor, $221,000; and indirect labor, $32,500. d. Pald factory payroll cost of $253,500 with cash (ignore taxes). e. Incurred additional factory overhead costs of $95,000 paid in cash f. Allocated factory overhead to production at 50% of direct labor costs. View transaction list Journal entry worksheet

Explanation / Answer

Journal entries Account Titles Debit Credit a. Material Inventory $190,000.00 Accounts Payable $190,000.00 b Work in process $55,090.00 Factory Overheads $17,500.00 Material Inventory $72,590.00 c Work in process $221,000.00 Factory Overheads $32,500.00 Wages Payable $253,500.00 d Wages Payable $253,500.00 Cash $253,500.00 e Factory Overheads $95,000.00 Cash $95,000.00 f Work in process $110,500.00 Factory Overheads $110,500.00

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