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 Ending Inventory Raw materials inventory Work in process inventory-Cutting Work in process inventory-Stitching Finished goods inventory $ 61,000 $ 73,300 153,500 57,000 173,300 115,500 130,100 30,250 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 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) Sales $ 696,000 Requirement General Journal General Ledger Trial Balance Raw Materials Cost of Goods Mfg Cutting Cost of Goods Mfg Stitching Cost of Goods Sold Gross Profit C 6 May 1 ractory overeau 57,200 Factory wages payable 57,200 May 31 Factory overhead Cash 58,000 58,000 7 May 31 Work in process inventory-Cutting 36,750 Work in process inventory-Stitching Factory overhead 101,280 138,030 8 Work in process inventory-Stitching 178,850 Work in process inventory-Cutting 178,850 9 May 31 Finished goods inventory Work in process inventory-Stitching 422,330 422,330 10 May 31 Cost of goods sold Finished goods inventory 522,180x 522,180x 696,000x 696,000 x 11 May 31 Accounts receivable Sales < Requirement General Ledger > General Requirement Journal General Ledger Trial Balance Raw Materials Cof Goods Mfg Cusing Cost of Goods Mfg Stitching Cost of Goods Sold Gross Profit Prepare a schedule of cost of goods manufactured for the Cutting Department for the month of May. Dates: April 30 to: Apr Total manufacturing costs added during May Total cost of work in process Requirement General Journal General Ledger Trial Balance Raw Materials Cost of Goods Mfg Cutting Cost of Goods Mfg Stitching Cost of Goods Sold Gross Profit Prepare a schedule of cost of goods manufactured for the Stitching Department for the month of May. Dates: April 30 to: April Total manufacturing costs added during May Total cost of work in process < Cost of Goods Mfg Cutting Cost of Goods Sold > General Requirement Journal General Ledger Trial Balance Raw Materials Cost of Goods Mfg Cutting Cost of Goods Mfg Stitching Cost of Goods Sold Gross Profit Calculate the value of cost of goods sold for the month of May. Ignore any over- or underapplied over calculation of cost of goods sold. A Dates: April 30 to: Apr Calculate cost of goods sold: Cost of goods available for sale Cost of goods sold < Cost of Goods Mfg Stitching Gross Profit > Requirement Journal Ledger Materials Calculate the value of gross profit for the month of May. Gross Profit $ SA 0 GOO Cutting Stitching Dates: April 30 to: A < Cost of Goods Sold Gross Profit >