Based on Problem 3-5A (Algo) LO P3, P4 Sweet 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 Inding Inventory Inventory Raw materials inventory $ 101,000 S 122.500 Work in process Inventory-Cutting 233,500 61.000 Work in process inventory-Stitching 253,300 155,500 Tinished goods inventory 210,100 46,250 The following additional information describes the company's production activities for May Floor Ath Print Forences Direet materials Raw materials purchased on credit Direct materials used-Cutting Direet materials used-stitching $ 120,000 26.500 Direct labor Direct labor-cutting Direct labor-stitching $ 25,100 100,400 Factory Overhead (Actual coats Indirect materials used Indirect labor used Other overhead costa $ 72,000 58,800 66,000 Factory Overhead Rates Cutting Stitching (1501 of direct materials used (120) of direct labor used Sales 3,016,000 Journal entry worksheet 8 Ask Record overhead costs paid in cash. Print References Note: Enter debits before credits Dato Account Title Debit Credit May 31 Record entry Clear entry View general journal Journal entry worksheet 2 3 4 1 5 6 8 .... 11 Record the application of overhead at a rate of 150% of direct materials costs (Cutting) and 120% of direct labor cost (Stitching). es Note: Enter debits before credits. Date Account Title Debit Credit May 31 Record entry Clear entry View general Journal Journal entry worksheet ints Stitching sed (1208 of direct labor used) $ 1,016,000 Sales eBook Ask General General Cost of Requirement Cost of Raw Journal Trial Balance Cost of Ledger Materials Goods Mfg Goods Mfg Goods Sold Gross Profit Cutting Stitching Verify the ending balance in raw materials inventory. Materials used should be indicated with a minus sign. Print feferences Beginning Raw Materials Inventory Materials available for use Ending raw material inventory (Trial Balance Cost of Goods Mfg Cutting > General General Cost of Requirement Cost of Raw Trial Balance Journal Goods Mfg Goods Mfg Cost of Ledger Materials Cutting Stitching Prepare a schedule of cost of goods manufactured for the Cutting Department for the month of May. Goods Sold Gross Profit Dates: Apr 30 to: Apr 30 Total manufacturing costs added during May Total cost of work in process - Sale 5 1.016,000 15 points General Requirement General Cost of Raw Cost of Journal Ledger Trial Balance Cost of Goods Mrg Goods Mfg Goods Sold Materials Gross Profit Cutting Stitching Prepare a schedule of cost of goods manufactured for the Stitching Department for the month of May. Book Dates: Apr 30 to: Apr 30 Ask Print References Total manufacturing costs added during May Total cost of work in process 00, Factory Overhead Rates Cutting Stitching (1501 of direct materials used) (120 of direct labor used) Sales $ 1,016,000 ook sk ances General Requirement General Cost of Cost of Raw Trial Balance Cost of Journal Ledger Materials Goods Mfg Goods Mfg Goods Sold Gross Profit Cutting Stitching 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: Cost of goods available for sale Cost of goods sold 66,000 Factory Overhead Rates Cutting Stitching (1508 of direct materials used) (1201 of direct labor used) Sales $ 1,016,000 Gross Profit General General Cost of Requirement Cost of Raw Cost of Journal Ledger Trial Balance Materials Goods Mfg Goods Mfg Goods Sold Cutting Stitching Calculate the value of gross profit for the month of May. Dates: Apr 30 Gross Profit to: Apr 30 Gross Profit