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: Raw materials inventory Work in process inventory-Cutting Work in process inventory-Stitching Finished goods inventory Beginning Inventory $116,000 263, 500 283,300 240,100 Ending Inventory $140,950 62,500 170,500 52.250 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 $135,000 27,250 0 Direct labor Direct labor-cutting Direct labor-stitching Total factory payroll paid (in canh) $ 26,600 106,400 192,400 Factory Overhead (Actual costs) Indirect materials used Indirect labor used Other overhead costs $ 82,800 59,400 69,000 Factory Overhead Rates Cutting (1508 of direct materials used) Stitching (120% of direct labor used) Sales $1,136,000 Gross Profit General General Raw Cost of Cost of Cost of Requirement Journal Ledger Trial Balance Materials Goods Mfg Goods Mfg Goods Sold Cutting Stitching Prepare a schedule of cost of goods manufactured for Clancy Company for the month of May. LULUI LUSU UI Gross Profit General General Raw Requirement Cost of Goods Mfg Trial Balance Goods Mfg Journal Ledger Materials Goods Sold Cutting Stitching Prepare a schedule of cost of goods manufactured for Clancy Company for the month of May. Dates: Apr 30 to: Apr 30 Direct materials used 27250 26,600 Direct labor used Factory overhead applied $ 53,850 Total manufacturing costs added during May Add: Beginning work in process inventory Total cost of work in process Less: Ending work in process inventory Gross Profit Cost of Cost of General General Raw Requirement Trial Balance Goods Mfg Cost of Goods Mfg Journal Ledger Materials Cutting Stitching Goods Sold Prepare a schedule of cost of goods manufactured for Clancy Company for the month of May. Dates: Apr 30 to: Apr 30 Total manufacturing costs added during May Total cost of work in process Cost of Cost of General General Raw Cost of Requirement Trial Balance Journal Gro Goods Mfg Goods Mfg Ledger Materials Goods Sold Cutting Stitching Calculate the value of cost of goods sold for the month of May. Ignore any over- or underapp calculation of cost of goods sold. Dates: Apr 30 Calculate cost of goods sold: Cost of goods available for sale Cost of goods sold General Raw Cost of General Requirement Trial Balance Goods Mfg Journal Ledger Materials Cutting Calculate the value of gross profit for the month of May. Cost of Goods Mfg Stitching Cos Goods Dates: Apr 30 Gross Profit $ 0