Bymes 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 Ending Inventory Inventory $ 51,000 $ 61,000 133,500 56,000 153,300 105,500 110,100 26,250 The following additional information describes the company's production activities for May. Direct materials Raw materiale purchased on credit Direct materials used-cutting Direct materials used-stitching $70,000 24,000 0 Direct labor Direct labor-Cutting Direct labor-stitching Total factory payroll paid (in cash) $ 20,100 80,400 157,300 Factory Overhead (hatual costs) Indirect materials used Indirect labor used Other overhead costa $36.000 56,800 56,000 Factory Overhead Rates Cutting (1508 of direct materials used) Stitching (1209 of direct labor used) Prov 1 of 1 Next Factory Overhead (Actual costs) Indirect materials used Indirect labor used Other overhead costs $ 36,000 56,800 56,000 ok Factory Overhead Rates Cutting (1508 of direct materials used) Stitching (1208 of direct labor used) Sales $616,000 k int onces General General Cost of Raw Cost of Cost of Requirement Journal Trial Balance Materials Goods Mfg Ledger Goods Mfg Goods Sold Gross Profit Cutting Stitching General Journal tab - Prepare journal entries to record the transactions of Byrnes Company during the month of May. Cost of Materials Used tab - Calculate the total cost of direct materials used in production during May. Cost of Goods Manufactured Cutting and Stitching tab - Prepare a schedule of cost of goods manufactured for Byrnes Company for the month of May. Cost of Goods Sold tab - Prepare a schedule of cost of goods sold for Byrnes Company for the month of May. Gross Profit tab - Calculate the gross profit on sales for May. Cost of Goods Mfg Cutting Cost of Goods Mfg Stitching Cost of Goods Sold General General Raw Requirement Trial Balance Journal Ledger Materials Prepare journal entries for the month of May's transactions. Gross Profit View transaction list Journal entry worksheet 2 3 4 5 1 6 7 .... 12 a. Record the purchase of materials (on credit). Note: Enter debits before credits. Account Title Debit Credit Date May 31 Cost of General Cost of General Raw Requirement Cost of Trial Balance Journal Ledger Materials Goods Mfg Goods Mfg Gross Profit Cutting Stitching Goods Sold Verify the ending balance in raw materials inventory. Enter the amount of materials used as negative values. Beginning Raw Materials Inventory Materials available for use Ending raw material inventory Trial Balance Cost of Goods Mfg Cutting > General Raw Cost of General Cost of Cost of Requirement Trial Balance Journal Ledger Gross Profit Materials Goods Mfg Goods Mfg Goods Sold Cutting Stitching Prepare a schedule of cost of goods manufactured for Byrnes Company for the month of May. Dates: Apr 30 to: Apr 30 Total manufacturing costs added during May Total cost of work in process Raw Materials Cost of Goods Mfg Stitching > General General Raw Cost of Requirement Cost of Trial Balance Cost of Journal Ledger Goods Mfg Goods Mfg Materials Goods Sold Gross Profit Cutting Stitching Prepare a schedule of cost of goods manufactured for Byrnes Company for the month of May. Dates: Apr 30 to: Apr 30 Total manufacturing costs added during May Total cost of work in process General Raw General Cost of Cost of Cost of Requirement Journal Ledger Trial Balance Gross Profit Goods Mfg Goods Mfg Materials Goods Sold 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 Gross Profit Cost of Raw General Cost of General Cost of Requirement Trial Balance Goods Mfg Goods Mfg Goods Sold Ledger Journal Materials Cutting Stitching Calculate the value of gross profit for the month of May. Dates: Apr 30 to: Apr 30 Gross Profit