1 GLO301 - Based on Problem 3-5A (Algo) LO P3, P4 10 points Cecconi Company manufactures soccer balls in two sequential processes: Cutting and Stitching. All direct materials enter produ at the beginning of the Cutting process. The following information is available regarding its May inventories: Ending Inventory $ 73,300 Raw materials inventory Work in process inventory-Cutting Work in process inventory-Stitching Finished goods inventory Beginning Inventory $ 61,000 153,500 173,300 130, 100 57,000 115,500 30,250 The following additional information describes the company's production activities for May. Direct materials Raw materials purchased on credit Direct materials used-Cutting Direct materials used-stitching $ 80,000 24,500 Direct labor Direct labor-Cutting Direct labor-Stitching $ 21,100 84,400 Factory Overhead (Actual costs) Indirect materials used Indirect labor used Other overhead costs $ 43,200 57,200 58,000 Factory Overhead Rates Cutting Stitching Sales (150% of direct materials used) (120% of direct labor used) $ 696,000 Answer is not complete. Requirement General Journal General Ledger Trial Balance Raw Materials Cost of Goods Mfa Cutting Cost of Goods Mfg Stitching Cost of Goods Sold Gross Profit Prepare journal entries for the month of May's transactions. No Date Account Title Debit Credit General General Cost of Cost of Raw Requirement Journal Trial Balance Cost of Ledger Gross Profit Goods Mfg Goods Mfg Materials Goods Sold Cutting Stitching Prepare a schedule of cost of goods manufactured for the Cutting Department for the month of May. Dates: Apr 30 to: Apr 30 Total manufacturing costs added during May Total cost of work in process General General Raw Cost of Requirement Cost of Trial Balance Journal Cost of Ledger Materials Goods Mfg Goods Mfg Gross Profit Cutting Goods Sold Stitching Prepare a schedule of cost of goods manufactured for the Stitching Department for the month of May. Dates: Apr 30 to: Apr 30 Total manufacturing costs added during May Total cost of work in process Raw General General Cost of Cost of Requirement Cost of Trial Balance Goods Mfg Journal Materials Ledger Gross Profit Goods Mfg Goods Sold Cutting Stitching 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. Dates: Apr 30 to: Apr 30 Calculate cost of goods sold: Cost of goods available for sale Cost of goods sold General General Cost of Cost of Raw Requirement Journal Ledger Trial Balance Materials Goods Mfg Goods Mfg Cutting Stitching Calculate the value of gross profit for the month of May. Cost of Goods Sold Gross Profit Dates: Apr 30 to: Apr 30 Gross Profit $ 0