5-58 Saved He GLO301 - Based on Problem 3-5A (Algo) LO P3, P4 Sweet 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: Beginning Inventory Ending Inventory $ 101,000 233,500 $ 122,500 61,000 253,300 210,100 155,500 46,250 Raw materials inventory Work in process inventory-Cutting Work in process inventory-Stitching Finished goods inventory 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 Direct labor Direct labor-Cutting Direct labor-Stitching Factory Overhead (Actual costs). Indirect materials used Indirect labor used. Other overhead costs Factory Overhead Rates Cutting $ 120,000 26,500 0 $ 25,100 100,400 $ 72,000 58,800 66,000 (150% of direct materials used) (120% of direct labor used) Stitching Sales $ 1,016,000 Requirement General Journal General Ledger Trial Balance Raw Materials Cost of Goods Mfg. Cutting Cost of Goods Mfg. Stitching Dransra inurnal entries for the month of Maule transactions Cost of Goods Sold Gross Profit education.com/ext/map/index.html?_conicon&external_browser=0&launchurch L P3-5a Journal Ledger Materials Prepare journal entries for the month of May's transactions. View transaction list 1 Record the purchase of materials (on credit). 2 Record direct materials used in production. 3 Record the usage of indirect materials. 4 Record the cost of direct labor incurred but not yet paid. (Use "Factory wages payable" account). 5 Record the cost of indirect labor incurred but not yet paid. (Use "Factory wages payable" account). 6 Record overhead costs paid in cash. 7 Record the application of overhead at a rate of 150% of direct materials costs (Cuttina) and 120% of direct labor Note: journal entry has been entered Record entry Clear entry Saved Cr View g Question 1-Ch 03 GL, P3-50 x+ education.com/ext/map/index.html?_con-conexternal browserv0&launchUrl=https% 5a View transaction list 7 Record the application of overhead at a rate of 150% of direct materials costs (Cutting) and 120% of direct labor cost (Stitching). 8 Record the transferred costs of partially completed goods. 9 Record the transfer of production to finished goods, as calculated on the Cost of Goods Manufactured tab. 10 Record the sale of goods on account. 11 Record the cost of goods sold, as calculated on the cost of goods sold tab. Note: journal entry has been entered Record entry Clear entry Seved Credit View gen