Cecconi 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 $ 61,000 Ending Inventory $ 73,300 153,500 173,300 57,000 115,500 130,100 30,250 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 Direct labor Direct labor-Cutting Direct labor-Stitching Factory Overhead (Actual costs) Indirect materials used Indirect labor used Other overhead costs Factory Overhead Rates Cutting Stitching $ 80,000 24,500 0 $ 21,100 84,400 $ 43,200 57,200 58,000 (150% of direct materials used) (120% of direct labor used) Factory Overhead Rates Cutting Stitching Sales (150% of direct materials used) (120% of direct labor used) $ 696,000 Journal entry worksheet > 1 2 3 4 5 6 7 8 11 > Record the application of overhead at a rate of 150% of direct materials costs (Cutting) and 120% of direct labor cost (Stitching). Note: Enter debits before credits. Date May 31 Account Title Debit Credit Journal entry worksheet < 1 2 3 4 5 6 7 Record the transferred costs of partially completed goods. Note: Enter debits before credits. Date May 31 00 11 Account Title Debit Credit Journal entry worksheet < 1 ..... 4 5 6 7 8 9 11 Record the transfer of production to finished goods, as calculated on the Cost of Goods Manufactured tab. Note: Enter debits before credits. Date May 31 Account Title Debit Credit Journal entry worksheet < 1 .... 4 5 6 7 8 9 10 11 Record the sale of goods on account. Note: Enter debits before credits. Date May 31 Account Title Debit Credit Journal entry worksheet < 1 ... 4 5 6 789 10 1 Record the cost of goods sold, as calculated on the cost of goods sold tab. Note: Enter debits before credits. Date May 31 Account Title Debit Credit