Amidon 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 Ending Inventory Inventory Raw materials inventory Work in process inventory-Cutting Work in process inventory-Stitching Finished goods inventory $ 41,000 $48,700 113,500 55,000 133,300 95,500 90,100 22,250 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 labon Direct labor-Cutting Direct labor-Stitching Total factory payroll paid (in cash) Factory Overhead (Actual costs) Indirect materials used Indicect labor used Other overhead costs 5 28,000 50,400 54,000 $ 60,000 23,500 $ 19,100 76,400 151,900 Factory Overhead Rates Cutting Stitching Sales (150% of direct materials used) (120% of direct labor used) $536,000 Indirect materials used Indirect labor used Other overhead costs $ 28,800 56,400 54,000 (158% of direct materials used) (120% of direct labor used) Factory Overhead Rates Cutting Stitching Sales $536,000 Requirement General Journal General Ledger: Trial Balance Raw Materials Cost of Goods Mfg Cutting Cost of Goods Mfg Stitching Cost of Goods Sold Gross Profit Prepare journal entries for the month of May's transactions. View transaction list Journal entry worksheet h. Record the application of overhead at a rate of 150% of direct materials costs (Cutting) and 120% of direct labor cost (Stitching). Note: Enter debits before credits. Date May 31 Account Title Debit Credit Record entry Clear entry View general journal View transaction list Journal entry worksheet ces Account Title Debit Credit Record entry Clear entry View general journal View transaction list Journal entry worksheet ME 6 8 9 10 12 j. Record the transfer of production to finished goods, as calculated on the Cost of Goods Manufactured tab. Note Enter debits before credits Date May 31 Account Title Debit Credit Record entry Clear entry View general journal Journal entry worksheet aces 6 7 8 9 10 10 11 12 k. Record the cost of goods sold, as calculated on the cost of goods sold tab. Note: Enter debits before credits. Date May 311 Account Title Debit Credit Record entry Clear entry View general journal ht ences View transaction list Journal entry worksheet Ending raw material inventory KULOL KOLLUKY pays pour LOSH Factory Overhead (Actual costs) Indirect materials used Indirect labor used Other overhead costs $ 28,800 56,400 54,000 Factory Overhead Rates Cutting Stitching Sales (150% of direct materials used) (120% of direct labor used) $536,000 General Requirement Journal General Ledger Trial Balance Raw Materials Cost of Goods Mfg Cutting Cost of Goods Mfg Stitching Cost of i Goods Sold Gross Profit Prepare a schedule of cost of goods manufactured for Amidon Company for the month of May. Total manufacturing costs added during May Total cost of work in process Dates: Apr 30 to: Apr 30 FULDE FOLLUy paypal Factory Overhead (Actual costs) Indirect materials used Indirect labor used Other overhead costs Factory Overhead Rates Cutting Stitching Sales $ 28,800 56,400 54,000 (150% of direct materials used) (120% of direct labor used) $536,000 Requirement General Journal General Ledger Trial Balance Raw Materials Cost of Goods Mfg Cutting Cost of Goods Mfg Stitching. Cost of Goods Sold Gross Profit Prepare a schedule of cost of goods manufactured for Amidon Company for the month of May. Total manufacturing costs added during May Total cost of work in process Dates: Apr 30 to: Apr 30 Uirect materials used-stitching Direct labor Direct labor-Cutting Direct labor-Stitching Total factory payroll paid (in cash)) Factory Overhead (Actual costs) Indirect materials used. Indirect labor used Other overhead costs: Factory Overhead Rates Cutting Stitching Sales $ 28,800 56,400 54,000 $ 19,100 76,400 151,900 (150% of direct materials used) (120% of direct labor used) $536,000 Cost of Requirement General Journal General Ledger Trial Balance Raw Materials Goods Mfg Cutting Cost of Goods Mfg Stitching Cost of Goods Sold Gross Profit 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. Calculate cost of goods sold: Cost of goods available for sale Dates: Apr 30 to: Apr 30 Cost of goods sold VAIELL BOLE LOAD Luting Direct materials used-Stitching Direct labor Direct labor-Cutting Direct labor-Stitching Total factory payroll paid (in cash) Factory Overhead (Actual costs) Indirect materials used Indirect labor used Other overhead costs $ 28,800 56,400 54,000 $ 19,100 76,400 151,900 Factory Overhead Rates Cutting Stitching Sales (150% of direct materials used) (120% of direct labor used) $536,000 Requirement General Journal General Ledger Raw Trial Balance Materials Cost of Goods Mfg Cutting Calculate the value of gross profit for the month of May. Gross Profit S 0