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: Raw materials inventory Work in process inventory-Cutting Work in process inventory-Stitching Finished goods inventory Beginning Inventory $126,000 283,500 303, 300 260,100 Ending Inventory $153, 250 63,500 180,500 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 $ 145,000 27,750 Direct labor Direct labor-Cutting Direct labor-Stitching Total factory payroll paid (in cash) $ 27,600 110,400 197,800 Factory Overhead (Actual costs) Indirect materials used Indirect labor used Other overhead costs $ 90,000 59,800 71,000 Factory Overhead Rates (150% of direct materials used) Stitching (120% of direct labor used) Sales $1,216,000 Verify the ending balance in raw materials inventory. Enter the amount of materials used as negative values. 126,000 145,000 271,000 Beginning Raw Materials Inventory Raw materials purchased Materials available for use Direct materials used Indirect materials used Ending raw material inventory 271,000 Prepare a schedule of cost of goods manufactured for Drake Company for the month of May. Dates: Apr 30 - to: Apr 30 Total manufacturing costs added during May Total cost of work in process