C Kelley 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 $ 56,000 143,500 163,300 120,100 Ending Inventory $ 67,150 56,500 110,500 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 Direct labor Direct labor-Cutting Direct labor-stitching $ 20,600 82,400 Factory Overhead (Actual costs) Indirect materials used Indirect labor used Other overhead costs $ 39,600 57,000 57,000 Factory Overhead Rates Cutting Stitching (150% of direct materials used) (120% of direct labor used) Sales $ 656.000 Pray 1 of 1 111 Next Requirement General Journal General Ledger Trial Balance Raw Materials Cost of Goods Mfg Cutting Cost of Goods Mfg Stitching Cost of Goods Sold Gross Profit Prepare journal entries for the month of May's transactions. No Date Account Title Debit Credit 1 May 31 Raw materials inventory Accounts payable 2 May 31 Work in process inventory--Cutting Raw materials inventory 7 3 May 31 Work in process inventory--Cutting Work in process inventory Stitching Factory overhead Cash X 4 May 31 Factory overhead Raw materials inventory Accounts payable Prey 1 of 1 THE Next un 5 May 31 Work in process inventory-Cutting Work in process inventory--Stitching Factory overhead X 6 May 31 Finished goods inventory Work in process inventory Stitching 7 May 31 Cash Sales 8 May 31 Cost of goods sold Finished goods inventory 9 May 31 No journal entry required 10 May 31 Raw materials inventory 11 May 31 No journal entry required Prey 1 of 1 Next > Answer is not complete. Requirement General Journal General Ledger Trial Balance Raw Materials Cost of Goods Mfg Cutting Cost of Goods Mfg Stitching Cost of Goods Sold Gross Profit Dates: Apr 30 to: Apr 30 General Ledger Account Cash Accounts receivable Debit Credit No. Date Debit Credit No. Date Balance 300 000 Balance 48,000 Apr 29 Apr 30 Raw materials inventory Debit Credit Work in process inventory-Stitching Date Debit Credit No. No. Date Apr 29 Balance 56,000 Balance 163,300 Prey 1 of 1 !!! Next Finished goods inventory Debit Credit Work in process inventory Cutting No. Date No. Date Debit Credit Balance 120,100 Apr 29 Balance 143,500 Factory Equipment Debit Credit No. Date No. Accumulated depreciation - Factory equipment Date Debit Credit Balance Apr 29 15,000 Balance 75,000 Apr 29 Accounts payable Common stock 55 par value Debit Credit No. Debit Credit No. Date Apr 30 Balance 502.000 Date Apr 29 Balance 50,000 Paid in capital in excess of par-Common Date Debit Credit Retained earnings Debit Credit No. No. Date Apr 30 Balance 44.000 Balance 294,900 Apr 30 Prey 1 of 1 Hi! Next Dates: Apr 30 to: Apr 30 Kelley Company Trial Balance April 30, 2018 Account Title Debit Credit $ 300,000 48,000 56,000 163,300 120,100 143,500 75,000 + Cash Accounts receivable Raw materials inventory Work in process inventory-Stitching Finished goods inventory Work in process inventory--Cutting Factory Equipment Accumulated depreciation - Factory equipment Accounts payable Common stock, 55 par value Pald-in capital in excess of par. Common Retained earnings Total . 12 15,000 502.000 50,000 44,000 294,900 905 900 S 905,900 5 Prey 1 of 1 Next Cost of Cost of General General Raw Cost of Requirement Trial Balance Goods Mfg Goods Mfg Gross Profit Journal Materials Ledger Goods Sold Cutting Stitching Verify the ending balance in raw materials inventory. Materials used should be indicated with a minus sign. Beginning Raw Materials Inventory Materials available for use Ending raw material inventory Trial Balance Cost of Goods Mfg Cutting > Prev 11011 Next XXX Cost of General General Raw Requirement Cost of Trial Balance Cost of Journal Ledger Materials Goods Mfg Goods Mfg Goods Sold Gross Profit Cutting Stitching Prepare a schedule of cost of goods manufactured for the Cutting Department for the month of May. Dates: Apr 30 to: Apr 30 es Total manufacturing costs added during May Total cost of work in process Ries 1 of Next Cost of General General Raw Cost of Requirement Journal Trial Balance Cost of Ledger Goods Mfg Materials Goods Mfg Goods Sold Gross Profit Cutting Stitching Prepare a schedule of cost of goods manufactured for the Stitching Department for the month of May. Dates: Apr 30 to: Apr 30 Total manufacturing costs added during May Total cost of work in process Prey HE Next General Cost of General Raw Cost of Cost of Requirement Journal Trial Balance 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 Pey Next Cost of Goods Mfg Stitching Cost of Goods Sold Cost of General General Raw Requirement Trial Balance Journal Goods Mfg Ledger Materials Cutting Calculate the value of gross profit for the month of May. Gross Profit Dates: Apr 30 to: Apr 30 Gross Profit Les $ 0 (Cost of Goods Sold Prey 1 of 1 Next