Egert 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 $ 21,000 73,500 93,300 50,100 Ending Inventory $ 24,100 53,000 75,500 14,250 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 $ 40,000 22,500 0 Direct labor Direct labor-Cutting - Direct labor-Stitching - $ 17,100 68,400 Factory Overhead (Actual costs) Indirect materials used Indirect labor used Other overhead costs $ 14,400 55,600 50,000 Factory Overhead Rates Cutting Stitching (150% of direct materials used) (120% of direct labor used) Sales $ 376,000 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. View transaction list View journal entry worksheet No Date Account Title Debit Credit 1 May 31 21,000 Raw materials inventory Accounts payable 21,000 2 May 31 73,500 Work in process inventory-Cutting Raw materials inventory 73,500 3 May 31 21,000 Factory overhead Raw materials inventory 21,000 1 4 May 31 Work in process inventory-Cutting Work in process inventory-Stitching Factory wages payable 17.100 68,400 85,500 5 May 31 55,600 Factory overhead Factory wages payable 55,600 6 May 31 Factory wages payable Cash 7 May 31 50,000 M M Factory overhead Other accounts 50,000 8 May 31 Work in process inventory-Cutting Work in process inventory-Stitching Factory overhead 33,750 82,080 9 May 31 Finished goods inventory Work in process inventory-Stitching 10 May 31 Cost of goods sold Finished goods inventory 11 May 31 Accounts receivable Sales Calculate the value of gross profit for the month of May. Dates: Apr 30 to: Apr 30 Gross Profit $