Fisher 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 $151,000 333,500 353,300 310,100 Ending Inventory $184,000 66,000 205,500 66,250 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 $170,000 29,000 0 Direct labor Direct labor-Cutting Direct labor-Stitching Total factory payroll paid (in cash) $ 30,100 120,400 211,300 Factory Overhead (Actual costs) Indirect materials used Indirect labor used Other overhead costs $108,000 60,800 76,000 Factory Overhead Rates Cutting (150% of direct materials used) Stitching (120% of direct labor used) Sales $1,516,000 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 Journal entry worksheet i. Record the transferred costs of partially completed goods. Note: Enter debits before credits. Date Account Title Debit Credit May 31 Work in process inventory-Stitching Work in process inventory-Cutting Record entry Clear entry View general journal Journal entry worksheet 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 a schedule of cost of goods manufactured for Fisher Company for the month of May. Dates: Apr 30 to: Apr 30 Total manufacturing costs added during May Total cost of work in process 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 a schedule of cost of goods manufactured for Fisher Company for the month of May. Dates: Apr 30 to: Apr 30 Total manufacturing costs added during May Total cost of work in process Cost of Goods Mfg Cutting Cost of Goods Sold > 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 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: Cost of goods available for sale Cost of goods sold 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 Calculate the value of gross profit for the month of May. Dates: Apr 30 to: Apr 30 Gross Profit 0