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.

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: The following additional information describes the company's production activities for May. \begin{tabular}{|c|c|c|c|c|c|} \hline No & Date & \multicolumn{2}{|c|}{ Account Title } & Debit & Credit \\ \hline \multirow[t]{2}{*}{1} & May 31 & Raw materials inventory & & 155,000 & \\ \hline & & Accounts payable & & & 155,000 \\ \hline \multirow[t]{2}{*}{2} & May 31 & Work in process inventory-Cutting & & 28,250 & \\ \hline & & Raw materials inventory & & & 28,250 \\ \hline \multirow[t]{2}{*}{3} & May 31 & Factory overhead & & 97,200 & \\ \hline & & Raw materials inventory & & & 97,200 \\ \hline \multirow[t]{3}{*}{4} & May 31 & Work in process inventory-Cutting & & 28,600 & \\ \hline & & Work in process inventory_Stitching & & 114,400 & \\ \hline & & Factory wages payable & & & 143,000 \\ \hline \multirow[t]{2}{*}{5} & May 31 & Factory overhead & & 60,200 & \\ \hline & & Factory wages payable & & & 60,200 \\ \hline \multirow[t]{2}{*}{6} & May 31 & Factory overhead & & 73,000 & \\ \hline & & Cash & & & 73,000 \\ \hline \multirow[t]{3}{*}{7} & May 31 & Work in process inventory-Cutting & & 42,375 & \\ \hline & & Work in process inventory_Stitching & & & \\ \hline & & Factory overhead & & & \\ \hline \multirow[t]{2}{*}{8} & May 31 & Work in process inventory-Stitching & & & \\ \hline & & Work in process inventory-Cutting & & & \\ \hline \multirow[t]{2}{*}{9} & May 31 & Finished goods inventory & & & \\ \hline & & Work in process inventory_Stitching & & & \\ \hline \end{tabular}