Byrnes Company manufactures soccer balls in two sequential processes: Cutting and Stitching. All direct materials enter production the beginning of the Cutting process. The following information is available regarding its May inventories: Beginning Ending Inventory Inventory Raw materials inventory $ 51,000 $ 61,000 Work in process inventory-Cutting 133,500 56,000 work in process inventory-Stitching 153,300 105,500 Finished goods inventory 110,100 26,250 The following additional information describes the company's production activities for May. Direct materials Raw materialo purchased on credit $ 70,000 Direct materials used-Cutting 24,000 Direct materials used-stitching Direct labor Direct labor-Cutting $ 20,100 Direct labor-stitching 80,400 Factory Overhead (Actual costs) Indirect materials used $ 36,000 Indirect labor used 56,800 Other overhead coats O 56,000 Factory Overhead Rates Cutting Stitching (1501 of direct materials used) (1201 of direct labor wed) Sales 5.616,000 Requirement General Journal General Ledger Trial Balance Raw Materials Cost of Goods Mfg Cutting Cost of Goods Mfg Stitching Cost of Goods Sold Gro Prepare journal entries for the month of May's transactions. View transaction list Journal entry worksheet Stitching (120% of direct labor used) Sales $ 616,000 Cost of General General Raw Cost of Requirement Trial Balance Cost of Journal Ledger Materials Goods Mfg Goods Mfg Cutting Goods Sold Stitching Prepare a schedule of cost of goods manufactured for the Cutting Department for the month of Dates: Apr 30 Total manufacturing costs added during May Total cost of work in process Stitching (120% of direct labor used) ot Sales $ 616,000 GI General Cost of Cost of General Raw Requirement Journal Trial Balance Cost of Ledger Materials Goods Mfg Goods Mfg Goods Sold Cutting Stitching Prepare a schedule of cost of goods manufactured for the Stitching Department for the month of Dates: Apr 30 Total manufacturing costs added during May Total cost of work in process Stitching (120% of direct labor used) Sales $ 616,000 General General Raw Cost of Cost of Requirement Trial Balance Cost of Journal Materials Goods Mfg Ledger Goods Mfg Cutting Soods Sold Stitching Calculate the value of cost of goods sold for the month of May. Ignore any over- or underap calculation of cost of goods sold. Dates: Apr 30 Calculate cost of goods sold: Cost of goods available for sale Cost of goods sold Cutting Stitching (1508 of direct materials used) (1208 of direct labor used) Sales $ 616,000 General General Cost of Cost of Raw Requirement Trial Balance Journal Ledger Materials Goods Mfg Goods Mfg Cutting Stitching Calculate the value of gross profit for the month of May. Cost of Goods Sold Ida Dates: Apr 30 Gross Profit