GL0301 - Based on Problem 3-5A (Algo) LO P3, P4 Drake 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 $ 126,000 $ 153,250 Work in process Inventory-cutting 283, see 63,5ce Work in process Inventory-stitching 303,300 180.500 Finished goods Inventory 260,100 56,250 The following additional Information describes the company's production activities for May. Direct materials Raw materials purchased on credit $ 145,000 Direct materials used-cutting 27,750 Direct materials used-stitching $ 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 $ 90,000 59,880 71,080 Factory Overhead Rates Cutting stitching Sales (15ex of direct materials used) (120% of direct labor used) $1,216,eee Requirement General Journal General Ledger Trial Balance Raw Materials Cost of Goods Mrg Cutting Cost of Goods Mg Stitching Cost of Goods Sold Gross Pront Calculate the value of gross profit for the month of May. Calculate the value of gross profit for the month of May, Stitching Dates: Apr 30 to: Apr 30 Gross Profit Sales Cost of goods sold Gross profit 1,216.000 6 1,215,994 s