Clancy Company manufacturers 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.

GL0301 - Based on Problem 3-5A (Algo) LO P3, P4 Clancy 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. Cutting stitching (1508 of direct materials used) (12ex of direct labor used) sales 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 Cutting Department for the month of Ma Prepare a schedule of cost of goods manufactured for the Stitching Department for the month of May. 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