1 Smith 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: Raw materials inventory Work in process inventory-Cutting Work in process inventory-stitching Finished goods inventory Teginning Inventory $11,000 $3,500 73,300 30,100 Ending Taventory $11,800 52,000 65,500 10,250 K The following additional Information describes the company's production activities for May. nces Direct material Raw materials purchased on credit Direct materials used-Cutting Direct materials used-stitching $ 30,000 22.000 0 Direct labor Direct labon-cutting Direct labor-stitching Total factory payroll paid in canh $ 16.100 64,400 135,700 Factory Overhead (Actual bota) Indirect materials used Indirect labor used Other overhead conta 2,200 55,200 48.000 Factory Overhead Rate Cutting (150) of direct materials used) Stitching (120 of direct labor ded) Sales 0296,000 Journal entry worksheet 9 6 7 8 10 11 12 > 5 ..... 1. Record the transferred costs of partially completed goods. Note: Enter debits before credits. Debit Credit Date May 31 Account Title Work in process inventory-Stitching Work in process inventory-Cutting Record entry Clear entry View general Journal Journal entry worksheet 11 10 12 Journal entry worksheet 12 > 8 10 6 Journal entry worksheet 10 11 33 1 5 6 .. 1. Record the sale of goods on account. -K Note: Enter debits before credits + Debit Credit Date Account Titlo nces May 31 View general Journal Record entry Clear entry View general Journal Other overhead costa 48,000 Factory Overhead Rates Cutting (1500 of direct materials used) Stitching (1208 of direct labor used) Sales $296,000 Cost of General Cost of General Raw Cost of Requirement Trial Balance Goods Mfg Goods Mfg Gross Profit Journal Ledger Materials Goods Sold Cutting Stitching Verify the ending balance in raw materials inventory. Enter the amount of materials used as negative values. Beginning Raw Materials Inventory Materials available for use Ending raw material inventory $ 0 Gross Profit Cost of Cost of Cost of Raw General General Requirement Journal Goods Mfg Trial Balance Goods Mfg Goods Sold Ledger Materials Cutting Stitching Prepare a schedule of cost of goods manufactured for Smith Company for the month of May. Dates: Apr 30 + to: Apr 30 Total manufacturing costs added during May Total cost of work in process * nt ances Cost of Cost of General General Raw Cost of Requirement Journal Trial Balance Goods Mfg Ledger Materials Goods Mfg Goods Sold Gross Profit 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 Gross Profit >