Can anyone help? Also explain how you got C of GM stitching and cutting also the cost of goods sold
Sierra 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: Work in process inventory-Cutting Work in process inventory-Stitching Finished goods inventory Beginning Ending Inventory Inventory 53,500 65,500 73,300 63,600 22,100 18,250 The following additional information describes the company's production activities for May Direct materials Raw materials purchased on credit $ 30,eee Direct materials used-cutting Direct materials used-stitching 22,eee e Direct labor Direct labor-Cutting Direct labor-Stitching Total factory payroll paid (in cash) $ 16,100 64,400 135,700 Factory Overhead (Actual costs) Indirect materials used Indirect labor used Other overhead costs $ 7,200 55,200 48,00 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 $ 30,000 22,000 Direct labor Direct labor-Cutting Direct labor-Stitching Total factory payroll paid (in cash) $ 16,100 64,400 135,700 Factory Overhead (Actual costs) Indirect materials used Indirect labor used Other overhead costs $ 7,200 55,200 48 , Factory Overhead Rates Cutting (150% of direct materials used) Stitching (120% of direct labor used) Sales $296,000 Required: 1. Compute the amount of (a) production costs transferred from Cutting to Stitching, (b) production costs transferred from Stitching to finished goods, and (c) cost of goods sold. WIP - April 30 Direct labor. Cutting (Overhead Cutting Direct materials 5. Cutting WIP - May 31 Work in Process (WIP) - Cutting 53,500 C of GM - Cutting 16,100 33,000 22,000 124,000 Work in Process (WIP) - Stitching 73.300CGM. Stching WIP - April 30 C of GM - Culting Direct labor-Stitching Overhead - Stitching WIP - May 31 64,400 77280 214.980 Work in Process (WIP) - Stitching 73,300 C of GM - Stitching + WIP - April 30 C of GM - Cutting Direct labor - Stitching Overhead - Stitching WIP - May 31 64,400 77,280 214,980 FG - April 30 C of GM - Stitching Finished Goods (FG) 22,100 Cost of goods sold FG - May 31 22.100