Check my work GLO301 - Based on Problem 3-5A (Algo) LO P3, P4 Drake 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: Deginning Ending Inventory Inventory Raw materials inventory $ 126,000 $ 153,250 Work in process Inventory-cutting 283,500 63,500 Work in process inventory-stitching 303,300 180,500 Finished goods inventory 260,100 56,250 The following additional Information describes the company's production activities for May Direct materials Raw materials purchased on credit $ 145,000 Direct materials used-cutting 27.750 Direct materials used-stitching 0 Direct labor Direct labor-Cutting $ 27,600 Direct labor-stitching 110,400 Factory Overhead (Actual costs) Indirect materials used $ 90,000 Indirect labor used 59,Bee other overhead costs 21,000 Factory Overhead Rates Cutting stitching Sales (15ex of direct naterials used) (12er of direct labor used) $1,216,000 General Cost of Cost of Requirement General Raw Cost of Joumal Trial Balance Goods Mfg Ledger Materials Goods Mig Gross Pront Goods Sold Cutting Stitching 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. Dates: Apr 30 to: Apr 30 Calculate cost of goods sold: Beginning work in process inventory Beginning work in process inventory Cost of goods available for sale Beginning work in process inventory Cost of goods sold