6 Record overhead costs paid in cash. 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 Verify the ending balance in raw materials inventory. Materials used should be indicated with a minus sign. \begin{tabular}{|l|l|} \hline Beginning Raw Materials Inventory & \\ \hline Materials available for use & \\ \hline & \\ \hline Ending raw material inventory & \\ \hline \end{tabular} 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 Stitching Department for the month of May. Prepare journal entries for the month of May's transactions. Calculate the value of gross profit for the month of May. GL0301 - Based on Problem 3-5A (Algo) LO P3, P4 Clark 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. Prepare a schedule of cost of goods manufactured for the Cutting Department for the month of Ma Factory Overhead (Actual costs) Indirect materials used Indirect labor used other overhead costs $54,000 57,800 61,000 Factory Overhead Rates Cutting (150\% of direct materials used) stitching (120\% of direct labor used) Sales $816,000