Check my work 1 Fox 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 $ 86, 000 203, 500 223, 300 180, 100 Ending Inventory $104, 050 59, 500 140, 500 40, 250 15 points Raw materials inventory Work in process inventory Cutting Work in process inventoryStitching Finished goods inventory ook Print The following additional information describes the company's production activities for May. References Direct materials $ 105, 000 25, 750 Raw materials purchased on credit Direct materials used-Cutting Direct materials used-Stitching Direct labor $ 23, 600 94, 400 176, 200 Direct labor-Cutting Direct labor-Stitching Total factory payrol1 paid (in cash) Factory Overhead (Actual costs) $ 61, 200 58, 200 63, 000 Indirect materials used Indirect labor used Other overhead costs Factory Overhead Rates Cutting Stitching Sales (150% of direct materials used) (120% of direct labor used) $896, 000 Ch 03 GL P3-1a Save & Exit Help Submit Saved Check my work 1 Other overhead costs 63, 000 Factory Overhead Rates Cutting Stitching Sales (150% of direct materials used) (120% of direct labor used) $896, 000 15 points eBook Cost of Goods Mfg Cutting Cost of Goods Mfg Stitching General General Cost of Goods Sold Raw Materials Trial Balance Gross Profit Requirement Print Journal Ledger References Verify the ending balance in raw materials inventory. Enter the amount of materials used as negative values. Beginning Raw Materials Inventory Materials available for use $ 0 Ending raw material inventory Cost of Goods Mfg Cutting> KTrial Balance I P3-1 Submit Help Save & Exit Saved Check my work Factory Overhead Rates Cutting Stitching (150% of direct materials used) (120% of direct labor used) $896, 000 Sales Cost of Goods Mfg Stitching Cost of Goods Mfg Cutting General General Raw Materials Cost of Requirement Trial Balance Gross Profit Journal Ledger Goods Sold Prepare a schedule of cost of goods manufactured for Fox Company for the month of May. Dates: Apr 30 to: Apr 30 es Total manufacturing costs added during May Total cost of work in process KRaw Materials Cost of Goods Mfg Stitching > 1 of 1 Prev Next I 3-1 Help Save & Exit Submit Saved Check my work OI airect materials usea Cutting (120% of direct labor used) $896, 000 Stitching Sales Cost of Goods Mfg Cutting Cost of Goods Mfg Stitching Cost of Goods Sold General General Raw Gross Profit Trial Balance Requirement Ledger Journal Materials -. ---- Prepare a schedule of cost of goods manufactured for Fox Company for the month of May. Dates: Apr 30 to: Apr 30 Total manufacturing costs added during May Total cost of work in process 1 of 1 Prev Next GL P3-1a Submit Help Save & Exit Saved Check my work (150% of direct materials used) (120% of direct labor used) $896, 000 Cutting Stitching Sales Cost of Goods Mfg Stitching Cost of Goods Mfg Cutting General Cost of Goods Sold General Raw Trial Balance Gross Profit Requirement Journal Ledger Materials 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. ok nt Dates: Apr 30 to: Apr 30 nces Calculate cost of goods sold: Cost of goods available for sale Cost of goods sold Cost of Goods Mfg Stitching Gross Profit > 1 of 1 Prev Next Help Save & Exit Submit Saved Check my work Factory Overhead Rates Cutting Stitching (150% of direct materials used) (120% of direct labor used) $896, 000 Sales Cost of Goods Mfg Cutting Cost of Goods Mfg Stitching General General Cost of Raw Gross Profit Trial Balance Requirement Ledger Materials Goods Sold Journal Calculate the value of gross profit for the month of May. Dates: Apr 30 to: Apr 30 es Gross Profit $ 0 KCost of Goods Sold Gross Profit 1 of 1 Prev Next