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: Raw materials inventory Work in process inventory-Cutting Work in process inventory-Stitching Finished goods inventory Beginning inning Inventory $131,000 293,500 313,300 270,100 Ending Inventory $159,400 64,000 185,500 58,250 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 $150,000 28,000 Direct labor Direct labor-Cutting Direct labor-Stitching Total factory payroll paid (in cash) $ 28,100 112,400 200,500 Factory Overhead (Actual costs) Indirect materials used Indirect labor used Other overhead costs $ 93,600 60,000 72,000 Factory Overhead Rates Cutting (150% of direct materials used) Stitching (120% of direct labor used) Sales $1,276,000 General General Journal Cost of Requirement Trial Balance Casto Goods Mg Cutting Materials Cost of Goods Mg Suitching G Ledger ross Pront Prepare journal entries for the month of May's transactions NO Date Account Title Credit Debit 150,000 1 May 31 Raw materials inventory Accounts payable 150.000 May 31 28,000 Work in process inventory-Cutting Raw materials inventory 28,000 May 31 ol 93,600 Factory overhead Raw materials inventory 93.800 May 31 Work in process inventory Stitching Work in process inventory-Cutting Factory wages payable 112,400 28,100 al 140,500 May 31 60,000 Factory overhead Factory wages payable 60,000 May 31 200,500 Factory wages payable Cash 200,500 May 31 Factory overhead Other accounts 72,000 May 31 Work in process inventory Stitching Work in process inventory-Cutting Factory overhead 134,820 42,000 178.8.80 May 31 Work in process inventory Stitching Work in process inventory-Cutting ooooooooooooo May 31 Finished goods inventory Work in process inventory Stitching 11 May 31 Cost of goods sold Finished goods inventory May 31 Accounts receivable Sales i. Record the transferred costs of partially completed goods. Note: Enter debits before credits. Debit Credit Date May 31 Account Title Work in process inventory-Stitching Work in process inventory-Cutting j. Record the transfer of production to finished goods, as calculated on the Cost of Goods Manufactured tab. "Vote: Enter debits before credits. Debit Credit Date May 31 Account Title Finished goods inventory Work in process inventory-Stitching k. Record the cost of goods sold, as calculated on the cost of goods sold tab. Note: Enter debits before credits. Debit Credit Date May 31 Account Title Cost of goods sold Finished goods inventory I. Record the sale of goods on account. lote: Enter debits before credits. Debit Credit Date May 31 Account Title Accounts receivable Sales $ 131,000 150,000 281,000 Beginning Raw Materials Inventory Raw materials purchased Materials available for use Direct materials used Indirect materials used Ending raw material inventory $ 281,000 Requirement General Journal General Ledger Trial Balance Raw Materials Cost of Cost of Goods Mfg Goods Mfg Cutting Stitching Prepare a schedule of cost of goods manufactured for Carey Company for the mont Dates: Apr Direct materials used Direct labor used Factory overhead applied Total manufacturing costs added during May Add: Beginning work in process inventory Total cost of work in process Less: Ending work in process inventory Cost of Requirement General Journal General Ledger Trial Balance Raw Materials Cost of Cost of Goods Mfg Goods Mfg Cutting Stitching Goods Sold Gross Profi Prepare a schedule of cost of goods manufactured for Carey Company for the month of May. Dates: Apr 30 to: Total manufacturing costs added during May Total cost of work in process Calculate cost of goods sold: Beginning finished goods inventory Cost of goods manufactured Cost of goods available for sale Ending finished goods inventory Cost of goods sold Gross Profit Sales Cost of goods sold Gross profit