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: The following additional information describes the company's production activities for May. Verify the ending balance in raw materials inventory. Materials used should be indicated with a minus sign. Prepare a schedule of cost of goods manufactured for the Stitching Department for the month of May. Dates: April 30 to: April 30 \begin{tabular}{|l|l|l|} \hline & & \\ \hline & & \\ \hline & & \\ \hline Total manufacturing costs added during May & & \\ \hline & & \\ \hline Total cost of work in process & & \\ \hline & & \\ \hline & & \\ \hline \end{tabular} Prepare a schedule of cost of goods manufactured for the Cutting Department for the month of May. Dates: April 30 to: April 30 \begin{tabular}{|l|r|r|} \hline Direct materials used & $24,500 & \\ \hline \hline Direct labor used & 115,500 & \\ \hline Factory overhead applied & 178,500 & \\ \hline & & \\ \hline Total manufacturing costs added during May & & $118,500 \\ \hline Add: Beginning work in process inventory & & 178,500 \\ \hline Total cost of work in process & & 497,000 \\ \hline Less: Ending work in process inventory & & \\ \hline & & \\ \hline \end{tabular} Calculate the value of cost of goods sold for the month of May. Ignore any over- or underapplied overhead in the calculation of cost of goods sold. Calculate the value of gross profit for the month of May