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: Beginning Ending Inventory Inventory Raw materials inventory $ 126,00 $ 153,250 Work in process inventory-Cutting 283,500 63,500 Work in process inventory-stitching 383, 380 180, 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 Direct materials used-Cutting Direct materials used-stitching $ 145, eee 27,750 Direct labor Direct labor-Cutting Direct labor-Stitching $ 27,600 110,400 Factory Overhead (Actual costs) Indirect materials used Indirect labor used Other overhead costs $ 90,000 59,800 71, see Factory Overhead Rates Cutting Stitching (150% of direct materials used) (120% of direct labor used) Sales $ 1,216,000 Requirement General Journal General Ledger Trial Balance Raw Materials Cost of Goods Mfg Cutting Cost of Goods Mfg Stitching Cost of Goods Sold Gross Profit Prepare journal entries for the month of May's transactions. Account Title Debit Credit No 1 Date May 31 145,000 Raw materials inventory Accounts payable 145,000 2 May 31 Work in process inventory-Cutting Raw materials inventory N 3 May 31 Work in process inventory-Cutting Cash 4 May 31 Factory overhead Raw materials inventory 5 May 31 Factory overhead Cash 6 May 31 Work in process inventoryCutting Factory overhead 7 May 31 Factory overhead Cash Accumulated depreciation - Factory equipment 8 8 May 31 Finished goods inventory Work in process inventory-Cutting 9 May 31 Cost of goods sold Finished goods inventory 10 May 31 Cash Sales 11 May 31 Factory overhead Cost of goods sold