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 0 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 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 0 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 Cutting (150% of direct materials used) Stitching (120% of direct labor used) Sales $1,216,000 Answer is not complete. 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. No Date Account Title Debit Credit 1 May 31 145,000 Raw materials inventory Accounts payable 145,000 2 May 31 27,750 Work in process inventory-Cutting Raw materials inventory 27.750 3 May 31 90,000 Factory overhead Raw materials inventory 90,000 4 May 31 Work in process inventory-Cutting Work in process inventory-Stitching 5 May 31 59,800 Factory overhead Factory wages payable 59,800 6 May 31 197,800 Factory wages payable Cash 197,800 7 May 31 71,000 Factory overhead Other accounts 71,000 8 May 31 Work in process inventory-Cutting Work in process inventory-Stitching Factory overhead OOO 00 9 May 31 Work in process inventory-Stitching Work in process inventory-Cutting 10 May 31 ol Finished goods inventory Work in process inventory-Stitching 11 May 31 886,505 Cost of goods sold Finished goods inventory 886,505 Journal entry worksheet EI. d. Record the cost of direct labor incurred but not yet paid. (Use "Factory wages payable" account). Note: Enter debits before credits. Account Title Debit Credit Date May 31 M Work in process inventory-Cutting Work in process inventory-Stitching Record entry Clear entry View general journal Journal entry worksheet h. Record the application of overhead at a rate of 150% of direct materials costs (Cutting) and 120% of direct labor cost (Stitching). Note: Enter debits before credits. Debit Credit Date May 31 Account Title Work in process inventory-Cutting Work in process inventory-Stitching Factory overhead Record entry Clear entry View general journal Journal entry worksheet i. Record the transferred costs of partially completed goods. Note: Enter debits before credits. Debit Credit Date May 31 Account Title Work in process inventoryStitching Work in process inventory-Cutting Record entry Clear entry View general journal Journal entry worksheet I.E. j. Record the transfer of production to finished goods, as calculated on the Cost of Goods Manufactured tab. Note: Enter debits before credits. Debit Credit Date May 31 Account Title Finished goods inventory Work in process inventory-Stitching Record entry Clear entry View general journal 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 0 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 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 0 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 Cutting (150% of direct materials used) Stitching (120% of direct labor used) Sales $1,216,000 Answer is not complete. 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. No Date Account Title Debit Credit 1 May 31 145,000 Raw materials inventory Accounts payable 145,000 2 May 31 27,750 Work in process inventory-Cutting Raw materials inventory 27.750 3 May 31 90,000 Factory overhead Raw materials inventory 90,000 4 May 31 Work in process inventory-Cutting Work in process inventory-Stitching 5 May 31 59,800 Factory overhead Factory wages payable 59,800 6 May 31 197,800 Factory wages payable Cash 197,800 7 May 31 71,000 Factory overhead Other accounts 71,000 8 May 31 Work in process inventory-Cutting Work in process inventory-Stitching Factory overhead OOO 00 9 May 31 Work in process inventory-Stitching Work in process inventory-Cutting 10 May 31 ol Finished goods inventory Work in process inventory-Stitching 11 May 31 886,505 Cost of goods sold Finished goods inventory 886,505 Journal entry worksheet EI. d. Record the cost of direct labor incurred but not yet paid. (Use "Factory wages payable" account). Note: Enter debits before credits. Account Title Debit Credit Date May 31 M Work in process inventory-Cutting Work in process inventory-Stitching Record entry Clear entry View general journal Journal entry worksheet h. Record the application of overhead at a rate of 150% of direct materials costs (Cutting) and 120% of direct labor cost (Stitching). Note: Enter debits before credits. Debit Credit Date May 31 Account Title Work in process inventory-Cutting Work in process inventory-Stitching Factory overhead Record entry Clear entry View general journal Journal entry worksheet i. Record the transferred costs of partially completed goods. Note: Enter debits before credits. Debit Credit Date May 31 Account Title Work in process inventoryStitching Work in process inventory-Cutting Record entry Clear entry View general journal Journal entry worksheet I.E. j. Record the transfer of production to finished goods, as calculated on the Cost of Goods Manufactured tab. Note: Enter debits before credits. Debit Credit Date May 31 Account Title Finished goods inventory Work in process inventory-Stitching Record entry Clear entry View general journal