GL0301 - Based on Problem 3-5A (Algo) LO P3, P4 Drake Company manufactures soccer balls in two sequential processes: Cutting and Suitching. All direct materials enter production at the beginning of the Cutting process. The following Information is available regarding its May Inventories: Beginning Ending Inventory Inventory Raw materials inventory $ 126,080 $ 153,250 Work in process inventory-cutting 283,500 63,5ee Work in process inventory-stitching 180,500 Finished goods Inventory 260,100 56,250 The following additional Information describes the company's production activities for May. 303,300 Direct materials Raw materials purchased on credit Direct materials used-cutting Direct materials used-stitching $ 145,000 27,750 $ 27,600 110,400 Direct labor Direct labor-cutting Direct labor-Stitching Factory Overhead (Actual costs) Indirect materials used Indirect labor used Other overhead costs Factory Overtiead Rates Cutting stitching Sales $ 90,000 59,888 71,eee (15ex of direct materials used) (12ex of direct labor used) $ 1,216,000 General General Requirement Cost or Raw Cost of Trial Balance Journal Cost of Ledger Goods Mlg Materials Goods Mig Gre Goods Sold Cutting Stitching Verify the ending balance in raw materials inventory. Materials used should be indicated with S Beginning Raw Materials Inventory Raw materials purchased Materials available for use Direct materials used Indirect materials used Ending raw material inventory 126.000 145,000 271.000 S 271,000