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General Journal: #7-11 Jones Company manufactures...

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Accounting

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General Journal: #7-11
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Jones 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: The following additional information describes the company's production activities for May. Verify the ending balance in raw materials inventory. Materials used should be indicated with a minus sign. Calculate the value of gross profit for the month of May. Calculate the value of cost of goods sold for the month of May. Ignore any over-or underapplied overhead in the calculation of cost of goods sold. Prepare a schedule of cost of goods manufactured for the Cutting Department for the month of May. Prepare a schedule of cost of goods manufactured for the Stitching Department for the month of May

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