Byrnes 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 $ 51,000 133,500 153,300 110,100 Ending Inventory $ 61,000 56,000 105,500 26, 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 $ 70,000 24,000 Direct labor Direct labor-Cutting Direct labor-Stitching Total factory payroll paid (in cash) $ 20,100 80,400 157,300 Factory Overhead (Actual costs) Indirect materials used Indirect labor used Other overhead costs $ 36,000 56,800 56,000 Factory Overhead Rates Cutting (150% of direct materials used) Stitching (120% of direct labor used) Sales $616,000 1 a. Record the purchase of materials (on credit). 2 b. Record direct materials used in production. 3 c. Record the usage of indirect materials. 4 d. Record the cost of direct labor incurred but not yet paid. (Use "Factory wages payable" account). Credit 5 e. Record the cost of indirect labor incurred but not yet paid. (Use "Factory wages payable" account). 6 f. Record the payment of the total factory payroll. 7 g. Record the cost of other factory overhead costs (credit VLEI accuunils). 8 h. Record the application of overhead at a rate of 150% of direct materials costs (Cutting) and 120% of direct labor cost (Stitching). 9 i. Record the transferred costs of partially completed goods. 10 j. Record the transfer of production to finished goods, as calculated on the Cost of Goods Manufactured tab. 11 k. Record the cost of goods sold, as calculated on the cost of goods sold tab. 12 I. Record the sale of goods on account. 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 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 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 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 Calculate the value of gross profit for the month of May. Dates: Apr 30 - to: Apr 30 Gross Profit