Carey 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: Beginning Inventory $131,000 293,500 313,300 270,100 Ending Inventory $159,400 64,000 185,500 58, 250 Raw materials inventory Work in process inventory-Cutting Work in process inventory-Stitching Finished goods inventory 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 $150,000 28,000 Direct labor S 28,100 112,400 200,500 Direct labor-Cutting Direct labor-Stitching Total factory payroll paid (in cash) Factory Overhead (Actual costs) Indirect materials used Indirect labor used 93,600 60,000 72,000 Other overhead costs Factory Overhead Rates Cutting Stitching (150% of direct materials used) (120% of direct labor used) $1,276,000 Sales Cost of Cost of Cost of General General Raw Requirement Trial Balancel Goods Mfg Gross Profit Goods Mfg Cutting Jounal Ledger Materials Goods Sold Stitching Prepare journal entries for the month of May's transactions. Date Account Title No Debit Credit May 31 Raw materials inventory 150,000 1 Accounts payable 150,000 28,000 Wark in process inventory-Cutting 2 May 31 28.000 Raw materials inventory 93,600 3 May 31 Factory overhead 93,600 Raw materials inventory May 31 Work in process inventory-Stitching 112,400 Work in process inventory-Cuting 28,100 Factory wages payable 140,500 May 31 Factory overhead 60,000 60,000 Factory wages payable Factory wages payable 200,500 6 May 31 200,500 Cash 72,000 Factory overhead 7 ay 31 Other accounts 72,000 Work in process inventory-Stitching Work in process inventory-Cuting 134,880 8 May 31 42,000 Factory overhnad 176,880 May 31 Wark in process inventary-Stitching Work in process inventory-Cutting Finished goods inventary 10 ay 31 Wark in process inventory-Stitching 11 ay 31 Cast of goods sold Finished goods inventary 12 May 31 Accounts receivable Sales 12 6 8 7 9 10 11 i. Record the transferred costs of partially completed goods. Note: Enter debits before credits. Credit Date Account Title Debit May 31 Work in process inventory-Stitching Work in process inventory-Cutting LO 8 5 11 12