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: Raw materials inventory Work in process inventory-Cutting Work in process inventory-stitching Finished goods inventory Beginning Inventory $ 41,000 113,500 133,300 90,100 Ending Inventory $48,700 55,000 95,500 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 $ 60,000 23,500 Direct labor Direct labor-Cutting Direct labor-Stitching Total factory payroll paid (in cash) $ 19, 100 76,400 151,900 Factory Overhead (Actual costs) Indirect materials used Indirect labor used Other overhead costs $ 28,800 56,400 54,000 Factory Overhead Rates Cutting (150% of direct materials used) Stitching (120% of direct labor used) Sales $536,000 Prepare journal entries for the month of May's transactions. No Account Title Credit Date May 31 Debit 60,000 1 Raw materials inventory Accounts payable 60,000 2. May 31 23,500 Work in process inventory-Cutting Raw materials inventory >> 23,500 3 May 31 28,800 Factory overhead Raw materials inventory 28,800 4 May 31 Work in process inventory-Cutting Work in process inventoryStitching Factory wages payable 19,100 76,400 DO 95,500 5 May 31 56,400 Factory overhead Factory wages payable 56,400 6 May 31 151,900 Factory wages payable Cash >> 151,900 7 May 31 54,000 Factory overhead Other accounts 54,000 8 May 31 Work in process inventory-Stitching Work in process inventory-Cutting Factory overhead >> 91,680 35,250 > 126,930 9 May 31 133,300 Work in process inventory-Stitching Work in process inventory-Cutting 113,500 10 May 31 133,300 Finished goods inventory Work in process inventoryStitching 133,300 11 May 31 > 455,920 Cost of goods sold Finished goods inventory 455,920 X 12 May 31 Accounts receivable Sales >I 536,000 536,000 Dates: Apr 30 to: Apr 30 General Ledger Account Cash Debit Accounts receivable Debit Credit No. Credit No. Date Apr 29 May 31 Balance 270,000 118,100 Date Apr 30 May 31 Balance 36,000 572,000 6 151,900 12 536,000 Raw materials inventory Debit Credit Work in process inventory-Stitching Date Debit Credit No. No. 60,000 Date Apr 29 May 31 May 31 May 31 ttt 1 2 3 4 Balance 41,000 101,000 77,500 48,700 76,400 91,680 Balance 133,300 209,700 301,380 168,080 301,380 23,500 28,800 May 31 May 31 May 31 May 31 8 10 9 133,300 133,300 Finished goods inventory Debit Credit Work in process inventory-Cutting Date Debit Credit No. No. Date Apr 29 May 31 May 31 Balance 90,100 223,400 (232,520) 133,300 N 10 11 1 Balance 113,500 137,000 156,100 191,350 77,850 455,920 May 31 May 31 May 31 May 31 4 23,500 19,100 35,250 ooo 9 113,500 Factory overhead Debit Credit Factory Equipment Debit Credit No. No. Date Balance 60,000 Apr 29 3 3 5 7 8 Date Apr 29 May 31 May 31 May 31 May 31 28,800 56,400 54,000 Balance 0 28,800 85,200 139,200 12,270 126,930 Dates: Apr 30 to: Apr 30 Amidon Company Trial Balance April 30, 2018 Account Title Credit S Debit 118,100 572,000 48,700 301,380 232,520 77,850 12,270 60,000 Cash Accounts receivable Raw materials inventory Work in process inventory-Stitching Finished goods inventory Work in process inventory-Cutting Factory overhead Factory Equipment Accumulated depreciation - Factory equipment Accounts payable Other accounts Common stock, $5 par value Paid-in capital in excess of par - Common Retained earnings Sales Cost of goods sold Total 12,000 418,600 54,000 44,000 38,000 291,300 536,000 455,920 1,646,220 $ S 1,626,420 Prepare a schedule of cost of goods manufactured for Amidon Company for the month of May. Dates: Apr 30 to: Apr 30 $ Direct labor used Direct materials used Factory overhead applied 19,100 23,500 58,170 0 Total manufacturing costs added during May Add: Beginning work in process inventory Total cost of work in process Less: Ending work in process inventory Cost of goods manufactured $ 100,770 113,500 214,270 55,000 $ 159,270 Prepare a schedule of cost of goods manufactured for Amidon Company for the month of May. Dates: Apr 30 to: Apr 30 $ $ Direct labor used Direct materials used Factory overhead applied Transferred-in from Cutting 76,400 0 114,600 159,270 X 0 $ 350,270 133,300 483,570 95,500 388,070 Total manufacturing costs added during May Add: Beginning work in process inventory Total cost of work in process Less: Ending work in process inventory Cost of goods manufactured 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. Dates: Apr 30 to: Apr 30 Calculate cost of goods sold: Beginning finished goods inventory Cost of goods manufactured Cost of goods available for sale Ending finished goods inventory Cost of goods sold $ 90,100 388,070 478,170 22,250 $ 455,920 X Calculate the value of gross profit for the month of May. Dates: Apr 30 to: Apr 30 Gross Profit Sales Cost of goods sold $ 536,000 455,920 $ 80,080