1 Williams 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 Beginning Inventory $136,000 303,500 323, 300 280, 100 Ending Inventory $165,550 50, 500 190, 500 60, 250 Book ASK The following additional information describes the company's production activities for May. erences Direct materials Raw materials purchased on credit Direct materials used-Cutting Direct materials used-stitching $155,000 28,250 0 Direct labor Direct labor-Cutting Direct labor-stitching Total factory payroll paid (in cash) $ 28, 600 114,400 203, 200 Factory Overhead (Actual costs) Indirect materials used $97,200 Prey Next Direct labor Direct labor-Cutting Direct labor-Stitching Total factory payroll paid (in cash) $ 28, 600 114, 400 203, 200 Factory Overhead (Actual costs) Indirect materials used Indirect labor used Other overhead costs $97,200 60,200 73,000 Factory Overhead Rates Cutting (150% of direct materials used) Stitching (120% of direct labor used) Sales $1,336,000 Requirement General Journal General Ledger Trial Balance Raw Materials Cost of Goods Mfg Cutting Cost of Goods Mfg Stitching Gross Profit Cost of Goods Sold Prepare journal entries for the month of May's transactions. View transaction list View transaction list Journal entry worksheet Cost of Cost of General General Raw Cost of Requirement Trial Balance Goods Mfg Gross Profit Goods Mfg Journal Ledger Materials Goods Sold Cutting Stitching Prepare a schedule of cost of goods manufactured for Williams Company for the month of May. Dates: Apr 30 to: Apr 30 Total manufacturing costs added during May Total cost of work in process Cost of Cost of General General Raw Cost of Requirement Trial Balance Goods Mfg Goods Mfg Gross Profit Journal Ledger Goods Sold Materials Cutting Stitching Prepare a schedule of cost of goods manufactured for Williams Company for the month of May. Dates: Apr 30 to: Apr 30 Total manufacturing costs added during May Total cost of work in process >1,330, www SUN Cost of Cost of General General Raw Cost of Requirement Trial Balance Goods Mfg Gross Profit Goods Mfg Journal Ledger Materials 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 (Cost of Goods Mfg Stitching Gross Profit > Sales $1,336,000 Cost of Goods Mfg Stitching Cost of Goods Sold Cost of General General Raw Requirement Trial Balance Goods Mfg Journal Materials Ledger Cutting Calculate the value of gross profit for the month of May. Gross Pistit Dates: Apr 30 to: Apr 30 Gross Profit