GL0301 - Based on Problem 3-5A (Algo) LO P3, P4 Byrnes 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 Ending Inventory Inventory Raw materials inventory $ 51,000 $ 61,000 Work in process inventory-Cutting 133,500 56,000 Work in process inventory-stitching 153,300 105,500 Finished goods inventory 26,250 The following additional information describes the company's production activities for May 110,100 Direct materiais Raw materials purchased on credit Direct saterials used-Cutting Direct materials used-stitching $ 70,000 24,000 Direct labor Direct labor-Cutting Direct labor-Stitching $ 20,100 80,400 Factory Overhead (Actual costs) Indirect materials used Indirect labor used Other overhead costs $36.000 56,800 56,000 Factory Overhead Rates Cutting stitching Sales (150% of direct materials used) (120% of direct labor used) $ 516,000 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 Raw materials inventory Accounts payable 70,000 70,000 2 May 31 Work in process inventory--Cutting Raw materials inventory 24,000 24,000 3 May 31 Factory overhead Raw materials inventory 36,000 36,000 4 May 31 20,100 Work in process inventory-Cutting Work in process inventory Stitching Factory wages payable 5 May 31 Factory overhead Factory wages payable 56,800 56,800 May 31 Factory overhead Cash 7 May 31 Work in process inventory-Cutting Work in process inventory-Stitching May 31 Work in process inventory Stitching Work in process inventory-Cutting 9 May 31 Finished goods inventory Work in process inventory Stitching 10 May 31 Cost of goods sold Finished goods Inventory Beginning Raw Materials Inventory Raw materials purchased Materials available for use Direct materials used Indirect materials used Ending raw material inventory $ Direct materials used Direct labor used Factory overhead applied 24,000 20,100 36,000 $ 80,100 Total manufacturing costs added during May Add: Beginning work in process inventory Total cost of work in process Less Ending work in process inventory Transferred-in from Cutting Direct materials used Direct labor used Factory overhead applied Total manufacturing costs added during May Add: Beginning work in process inventory Total cost of work in process Less: Ending work in process inventory Calculate cost of goods sold: Cost of goods available for sale Ending finished goods inventory Cost of goods sold