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 Haw 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, Factory Overhead (Actual costs) Indirect materials used Indirect labor used other overhead costs $ 90,000 59,800 71,00 Factory Overhead lates Cutting (150x of direct materials used Stitching (10% of direct laborused Sales $1,216,000 General General Requirement Costo Raw Trial Balance cost of Journal Ledger Materials Good Mo Cost of Goods Mo Cutting Stitching Goods Gross Profit General Journal tab Prepare journal entries to record the transactions of Drake Company during the month of May. Factory Overhead (Actual costs) Indirect materials used Indirect labor used Other overhead costs $ 90,000 59,800 71,eee Factory Overhead Rates Cutting (150% of direct materials used) Stitching (120% of direct labor used) Sales $1,216,000 General General Cost of Raw Cost of Requirement Trial Balance Journal Cost of Ledger Goods Mfg Goods Mfg Gross Profit Materials Goods Sold Cutting Stitching General Journal tab - Prepare journal entries to record the transactions of Drake Company during the month of May, Cost of Materials Used tab - Calculate the total cost of direct materials used in production during May, Cost of Goods Manufactured Cutting and stitching tab - Prepare a schedule of cost of goods manufactured for Drake Company for the month of May. Cost of Goods Sold tab - Prepare a schedule of cost of goods sold for Drake Company for the month of May. Gross Profit tab - Calculate the gross profit on sales for May. General Journal > Cost of Goods Mfg Cutting General Requirement General Raw Trial Balance Journal Ledger Materials Prepare journal entries for the month of May's transactions. Cost of Goods Mfg Stitching Cost of Gross Profit Goods Sold View transaction list Journal entry worksheet Stitching Sales (120% of direct labor used) $1,216,000 Requirement General Journal General Ledger Trial Balance Gross Profit Cost of Raw Cost of Cost of Materials Goods Mfg Goods Mig Goods Sold Cutting Stitching Dates: Apr 30 Drake Company Trial Balance April 30, 2018 to: Apr 30 Credit Account Title Cash Accounts receivable Raw materials Inventory Work in process inventory Stitching Finished goods inventory Work in process Inventory-Cutting Factory Equipment Accumulated depreciation Factory equipment Accounts payable Common stock 55 par value Spaldin capital in excess of par Common Rutained earning Total Debit 440,000 104.000 125,000 303,300 260,100 283,500 145,000 29,000 1,171,200 78,000 72,000 311,700 7,661,900 1.661,900 $ MELY LEH 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 General General Raw Cost of cost of Requirement Journal Trial Balance Ledger Cost of Materials Goods MyGoods Mo Cutting Stitching Prepare a schedule of cost of goods manufactured for Drake Company for the month of May. Goods Sold Gross Profit Das Apr 10 tot Apr 30 Total manufacturing costs added during May Total cost of work is proces k Direct materiais used-stitching 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 General General Requirement Raw Cost of Cost of Cast of Ledger Journal Trial Balance Goods Mig Gross Profit Goods Mfo Materials Cutting Stitching Goods Sold Calculate the value of cost of goods sold for the month of May. Ignore any over or underapplied overhead in the calculation of cost of goods sold. Dates: Apr 30 to: Apr 30 Calculate cost of goods sold: Cont of goods available for sale Cost of goods sold Calculate the value of gross profit for the month of May. Dates: Apr 30 to: Gross Profit Cost of Goods Sold C Pro 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 Haw 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, Factory Overhead (Actual costs) Indirect materials used Indirect labor used other overhead costs $ 90,000 59,800 71,00 Factory Overhead lates Cutting (150x of direct materials used Stitching (10% of direct laborused Sales $1,216,000 General General Requirement Costo Raw Trial Balance cost of Journal Ledger Materials Good Mo Cost of Goods Mo Cutting Stitching Goods Gross Profit General Journal tab Prepare journal entries to record the transactions of Drake Company during the month of May. Factory Overhead (Actual costs) Indirect materials used Indirect labor used Other overhead costs $ 90,000 59,800 71,eee Factory Overhead Rates Cutting (150% of direct materials used) Stitching (120% of direct labor used) Sales $1,216,000 General General Cost of Raw Cost of Requirement Trial Balance Journal Cost of Ledger Goods Mfg Goods Mfg Gross Profit Materials Goods Sold Cutting Stitching General Journal tab - Prepare journal entries to record the transactions of Drake Company during the month of May, Cost of Materials Used tab - Calculate the total cost of direct materials used in production during May, Cost of Goods Manufactured Cutting and stitching tab - Prepare a schedule of cost of goods manufactured for Drake Company for the month of May. Cost of Goods Sold tab - Prepare a schedule of cost of goods sold for Drake Company for the month of May. Gross Profit tab - Calculate the gross profit on sales for May. General Journal > Cost of Goods Mfg Cutting General Requirement General Raw Trial Balance Journal Ledger Materials Prepare journal entries for the month of May's transactions. Cost of Goods Mfg Stitching Cost of Gross Profit Goods Sold View transaction list Journal entry worksheet Stitching Sales (120% of direct labor used) $1,216,000 Requirement General Journal General Ledger Trial Balance Gross Profit Cost of Raw Cost of Cost of Materials Goods Mfg Goods Mig Goods Sold Cutting Stitching Dates: Apr 30 Drake Company Trial Balance April 30, 2018 to: Apr 30 Credit Account Title Cash Accounts receivable Raw materials Inventory Work in process inventory Stitching Finished goods inventory Work in process Inventory-Cutting Factory Equipment Accumulated depreciation Factory equipment Accounts payable Common stock 55 par value Spaldin capital in excess of par Common Rutained earning Total Debit 440,000 104.000 125,000 303,300 260,100 283,500 145,000 29,000 1,171,200 78,000 72,000 311,700 7,661,900 1.661,900 $ MELY LEH 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 General General Raw Cost of cost of Requirement Journal Trial Balance Ledger Cost of Materials Goods MyGoods Mo Cutting Stitching Prepare a schedule of cost of goods manufactured for Drake Company for the month of May. Goods Sold Gross Profit Das Apr 10 tot Apr 30 Total manufacturing costs added during May Total cost of work is proces k Direct materiais used-stitching 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 General General Requirement Raw Cost of Cost of Cast of Ledger Journal Trial Balance Goods Mig Gross Profit Goods Mfo Materials Cutting Stitching Goods Sold Calculate the value of cost of goods sold for the month of May. Ignore any over or underapplied overhead in the calculation of cost of goods sold. Dates: Apr 30 to: Apr 30 Calculate cost of goods sold: Cont of goods available for sale Cost of goods sold Calculate the value of gross profit for the month of May. Dates: Apr 30 to: Gross Profit Cost of Goods Sold C Pro