Check m Sierra 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 Inventory $ 6,000 43,500 63,300 20,100 Ending $9,250 51,500 60,500 8,250 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 $25,000 21,750 C Direct labor Direct labor-Cutting Direct labor-Stitching Total factory payroll paid (in cash) 15,600 62,400 133,000 Factory Overhead (Actual costs) Indirect materials used 6,000 55,000 47,000 Indirect labor used Other overhead costs Factory Overhead Rates Cutting Stitching Sales (150 of direct materials used) (120t of direct labor used) $256.000 Raw Materials (RM) Work in Process (WIP) - Stitching Factory Overhead 5 Required information t Work in Process (WIP)- Cutting Factory Wages Payable Finished Goods (FG) Prev 1 of 7 Next Income Statement (Partial) $ Cost of goods transferred Cost of goods sold quired: Compute the amount of (a) production costs transferred from Cutting to Stitching, (b) production costs transferred from Stitching to ished goods, and (c) cost of goods sold. Ignore any over- or under-applied overhead in the calculation of cost of goods sold. Raw Materials (RM)