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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

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:

Beginning Inventory Ending Inventory
Raw materials inventory $ 151,000 $ 184,000
Work in process inventoryCutting 333,500 66,000
Work in process inventoryStitching 353,300 205,500
Finished goods inventory 310,100 66,250

The following additional information describes the company's production activities for May.

Direct materials
Raw materials purchased on credit $ 170,000
Direct materials usedCutting 29,000
Direct materials usedStitching 0

Direct labor
Direct laborCutting $ 30,100
Direct laborStitching 120,400
Total factory payroll paid (in cash) 211,300

Factory Overhead (Actual costs)
Indirect materials used $ 108,000
Indirect labor used 60,800
Other overhead costs 76,000

Factory Overhead Rates
Cutting (150% of direct materials used )
Stitching (120% of direct labor used )
Sales $1,516,000

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Prepare a schedule of cost of goods manufactured for Fisher Company for the month of May. Dates: Apr 30 to: Apr Total manufacturing costs added during May Total cost of work in process Frey 1 of 1 rch W BA 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 Prev 1 of 1 Next O G Search Lulung Calculate the value of gross profit for the month of May. Gross Profit

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