Callahan 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 $ 91,000 213,500 233,300 190, 100 Ending Inventory $110,200 60,000 145,500 42,250 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 $110,000 26,000 Direct labor Direct labor-Cutting Direct labor-Stitching Total factory payroll paid (in cash) $ 24,100 96,400 178,900 Factory Overhead (Actual costs) Indirect materials used Indirect labor used Other overhead costs $ 64,800 58,400 64,000 Factory Overhead Rates Cutting (150% of direct materials used) Stitching (120% of direct labor used) Sales $936,000 Cost of | Cost of General General Requirem... Trial Raw Goods Mfg Goods Mfg Journal Ledger Materials Balance Cutting Stitching Prepare journal entries for the month of May's transactions. Cost of Goods Sold Gross Profit No Date Account Title Credit Debit 110,000 1 May 31 Raw materials inventory Accounts payable 110,000 May 31 26,000 Work in process inventory-Cutting Raw materials inventory 26,000 May 31 84,800 Factory overhead Raw materials inventory 84,800 May 31 Work in process inventory-Cutting Work in process inventory-Stitching Factory wages payable 24,100 90,400 120,500 5 May 31 58,400 Factory overhead Factory wages payable 58,400 May 31 Factory wages payable 178,900 Cash 178,900 May 31 84.000 Factory overhead Other accounts 64,000 May 31 Work in process inventory-Cutting Work in process inventoryStitching Factory overhead 39,000 115,880 154,680 May 31 157,100 % Work in process inventory-Stitching Work in process inventory-Cutting May 31 Cost of goods sold Finished goods inventory May 31 Accounts receivable 936,000 Sales 936,000 Requirement General Ledger > Answer is not complete. Cost of Cost of General General Raw Cost of Requirement Trial Balance Journal Goods Mfg Goods Mfg. Ledger Materials Cutting Stitching Verify the ending balance in raw materials inventory. Enter the amount of materials used as negative values. Goods Sold Gross Profit Beginning Raw Materials Inventory Raw materials purchased Materials available for use Direct materials used Indirect materials used Ending raw material inventory 91,000 110,000 201,000 26,000 X 64,800 X 291,800 $ Cost of Cost of General Cost of General Raw Requirement Trial Balance Goods Mfg Goods Mfg Journal Gross Profit Ledger Materials Goods Sold Cutting Stitching Prepare a schedule of cost of goods manufactured for Callahan 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 Trial Balance Materials Cost of Cost of General Raw Cost of Requirement Goods Mfg Goods Mfg Journal Gross Profit Goods Sold Ledger Cutting Stitching Prepare a schedule of cost of goods manufactured for Callahan Company for the month of May. Dates: Apr 30 to: Apr 30 Total manufacturing costs added during May Total cost of work in process Cost of General Journal Requirement Cost of Cost of Goods Mfg Goods Mfg General Ledger Raw Trial Balance Ma Materials Cutting Stitching Goods Sold Gross Profit 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 Cost of Goods Mfg Stitching Gross Profit > Cost of Gross Profit Cost of Cost of General General Raw Requirement Trial Balance Journal Goods Mfg Goods Mfg Ledger Materials Cutting Stitching Calculate the value of gross profit for the month of May. Goods Sold Dates: Apr 30 to: Apr 30 Gross Profit