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Part 2
(Using weighted-average)
MAJOR LEAGUE BAT CO.
Process Cost Summary (Weighted Average)
For Month Ended July 31
Costs Charged to Production
Costs of beginning goods in process
Direct materials................................................................... $ 2,660
Unit cost information
Units to account for Units accounted for
Equivalent units of production
Direct
Materials
Direct Labor Factory
Overhead
Units completed & transferred out......................11,000 EUP 11,000 EUP 11,000 EUP
Cost per EUP
Direct
Materials
Direct Labor Factory
Overhead
EUP
EUP
EUP
Cost assignment and reconciliation
Costs transferred out
Costs of ending goods in process
Part 3
Journal entries (Using weighted-average)
g. Finished Goods Inventory ...............................................271,150
h. Cash.................................................................................625,000
Part 4
(Using weighted-average)
General ledger accounts
Raw Materials Inventory Acct. No. 132
Date Explanation Debit Credit Balance
June 30 Balance 25,000
Goods in Process Inventory Acct. No. 133
Date Explanation Debit Credit Balance
June 30 Balance 8,135
Finished Goods Inventory Acct. No. 135
Date Explanation Debit Credit Balance
June 30 Balance 110,000
Sales Acct. No. 413
Date Explanation Debit Credit Balance
Cost of Goods Sold Acct. No. 502
Date Explanation Debit Credit Balance
Factory Payroll Acct. No. 530
Date Explanation Debit Credit Balance
Factory Overhead Acct. No. 540
Date Explanation Debit Credit Balance
Part 5
(Using weighted-average)
Computation of gross profit for July
Part 2: (Using FIFO)
MAJOR LEAGUE BAT CO.
Process Cost Summary (FIFO)
For Month Ended July 31
Costs Charged to Production
Costs of beginning goods in process
Unit cost information
Equivalent units of production
Direct
Materials
Direct Labor Factory
Overhead
Units to complete beginning goods in process
Direct materials (5,000 x 25%).................. 0 EUP
Cost per EUP
Direct
Materials Direct Labor
Factory
Overhead
EUP
EUP
EUP
Cost assignment and reconciliation
Costs transferred out
Cost of beginning goods in process........................................... $ 8,135
Part 3:
Journal entries (Using FIFO)
h. Cash.........................................................................................625,000
Part 4 :
(Using FIFO)
General ledger accounts
Raw Materials Inventory Acct. No. 132
Date Explanation Debit Credit Balance
Goods in Process Inventory Acct. No. 133
Date Explanation Debit Credit Balance
June 30 Balance 8,135
(b) Direct materials 52,440 60,575
*Agrees with $122,896 from process cost summary with $49 rounding difference
Finished Goods Inventory Acct. No. 135
Date Explanation Debit Credit Balance
June 30 Balance 110,000
Sales Acct. No. 413
Date Explanation Debit Credit Balance
Cost of Goods Sold Acct. No. 502
Date Explanation Debit Credit Balance
Factory Payroll Acct. No. 530
Date Explanation Debit Credit Balance
Factory Overhead Acct. No. 540
Date Explanation Debit Credit Balance
(b) Indirect materials 10,000 10,000
