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. \begin{tabular}{|l|l|l|} \hline & & \\ \hline & & \\ \hline Total manufacturing costs added during May & & \\ \hline & & \\ \hline Total cost of work in process & & \\ \hline & & \\ \hline \end{tabular} Raw Materials Ine toliowing additional iniormation describes the companys production activities for May. \begin{tabular}{|l|} \hline Calculate cost of goods sold: \\ \hline Cost of goods available for sale \\ \hline Cost of goods sold \\ \hline \end{tabular} Record the purchase of materials (on credit). Record direct materials used in production. Record the usage of indirect materials. 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 \begin{tabular}{|l|l|l|} \hline & & \\ \hline & & \\ \hline Total manufacturing costs added during May & & \\ \hline & & \\ \hline Total cost of work in process & & \\ \hline & & \\ \hline \end{tabular} \begin{tabular}{|l|l|} \hline \multicolumn{2}{|c|}{ Gross Profit } \\ \hline & \\ \hline & \\ \hline & $ \\ \hline \end{tabular} \begin{tabular}{|l|l|} \hline Beginning Raw Materials Inventory \\ \hline Materials available for use & \\ \hline & $ \\ \hline Ending raw material inventory & \\ \hline \end{tabular} 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. \begin{tabular}{|l|l|l|} \hline & & \\ \hline & & \\ \hline Total manufacturing costs added during May & & \\ \hline & & \\ \hline Total cost of work in process & & \\ \hline & & \\ \hline \end{tabular} Raw Materials Ine toliowing additional iniormation describes the companys production activities for May. \begin{tabular}{|l|} \hline Calculate cost of goods sold: \\ \hline Cost of goods available for sale \\ \hline Cost of goods sold \\ \hline \end{tabular} Record the purchase of materials (on credit). Record direct materials used in production. Record the usage of indirect materials. 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 \begin{tabular}{|l|l|l|} \hline & & \\ \hline & & \\ \hline Total manufacturing costs added during May & & \\ \hline & & \\ \hline Total cost of work in process & & \\ \hline & & \\ \hline \end{tabular} \begin{tabular}{|l|l|} \hline \multicolumn{2}{|c|}{ Gross Profit } \\ \hline & \\ \hline & \\ \hline & $ \\ \hline \end{tabular} \begin{tabular}{|l|l|} \hline Beginning Raw Materials Inventory \\ \hline Materials available for use & \\ \hline & $ \\ \hline Ending raw material inventory & \\ \hline \end{tabular}