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Required information [The following information applies to the questions displayed below) Sierra 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 Work in process inventory-Cutting 143,500 110,500 Work in process inventory-Stitching 163,300 91,500 Finished goods inventory 40, 100 28,250 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 $ 75,000 24,250 8 Direct labor Direct labor Cutting Direct labor-Stitthing Total factory payroll paid (in cash) $ 20,600 82,400 160,000 Factory Overhead (Actual costs) Indirect materials used Indirect labor used Other overhead costs $ 39,600 57,600 57,000 Factory Overhead Rates Cutting (150% of direct materials used) Stitching (120% of direct labor used) Sales $656,000 2. Prepare summary journal entries dated May 31 to record the following production activities during May (a) raw materials purchases, (b) direct materials usage. (c) indirect materials usage. (d) direct labor costs incurred. (e) indirect labor costs incurred. (1) payment of factory payroll , (g) other overhead costs. (credit Other Accounts), (h) overhead applied, 0) goods transferred from Cutting to Stitching, goods transferred from Stitching to finished goods (k) cost of goods sold, and (1) sales Answer is not complete. No Date General Journal Credit 1 May 31 Debit 75 000 Raw materials inventory Accounts payable oo 75.000 . 2 May 31 24 250 Work in process. inventory-Cutting Raw materials inventory >> 24 250 3 May 31 Factory overhead Raw materials inventory 39,600 . 39,600 4 May 31 0 Work in process inventory Stitching Work in process inventory Cutting Factory wages payable 000 .82.400 20.600 103,000 5 May 31 57.000 Factory overhead Factory wages payable O 57000 0 May 31 Factory wages payabile . 160,000 Required information 7 May 31 Factory overhead Other accounts 57,000 >> 57000 8 May 31 Work in process inventory Stitching Work in process inventory--Cutting Factory overhead 98,880 36,375 135,255 9 May 31 Work in process inventory-Stitching Work in process inventory-Cutting 10 May 31 Finished goods inventory Work in process inventory Stitching >S 11 May 31 Cost of goods sold Finished goods inventory 11,850 28,250 12 May 31 > Accounts receivable Sales 656,000 656,000