Major League Bat Company Finance Assignment Help With Solution
Major League Bat Company manufactures baseball bats. In addition to its goods 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 direct labor and factory overhead are applied uniformly throughout the production process and the company uses a perpetual inventory system)..
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You are to maintain records and produce measures of inventories to reflect the July events of this company. Set up the following general ledger accounts and enter the June 30 balances:
Raw Materials Inventory Goods in Process Inventory
$425,000 32,000 9,500
145,000 611,500 – – – –
$ 2,500 4,000 3,000
of direct materials of direct labor
Finished Goods Inventory
Capital, Major League Bat Company Sales
Cost of Goods Sold
1. Prepare journal entries to record the following July transactions and events.
a. Purchased raw materials for $ 107,000 cash.
b. Used raw materials as follows: direct materials, $ 117,500 ; and indirect materials,$ 14,000 .
c. Incurred factory payroll cost of $ 172,800 paid in cash (ignore taxes).
d. Assigned factory payroll costs as follows: direct labor, $ 136,800 ; and indirect labor,$ 36,000 .
e. Incurred additional factory overhead costs of $ 52,775 paid in cash. f. Allocated factory overhead to production at 75% of direct labor costs.
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 your cost per EUP answers to 2 decimal places for “Cost per EUP” and “Cost assignment and reconciliation”.
Beginning Inventory Started
Materials – Percent complete
Conversion Costs – Percent complete
Materials – Percent complete Conversion Costs – Percent complete
5,000 units 15,000 units 4,000 units
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 $ 275,000 for $550,000 in cash. i. Application any underapplied or overapplied overhead.
Prepare a Manufacturing Statement for Major League Bat Company. For the Factory Overhead costs, just use one line and call it “Applied Factory Overhead.”
Prepare a partial Income Statement just down to the Gross profit. The statement should show the Sales, detailed Cost of Good Sold, and the Gross Profit.
Product Code :Fin154
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