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 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 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 Calculate the value of gross profit for the month of May. Dates: Apr 30 - to: Apr 30 Gross Profit