GL0301 - Based on Problem 3-5A (Algo) LO P3, P4 Cecconi 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 $ 61,800 $ 73,300 Work in process inventory-Cutting 153,500 57,000 Work in process inventory-Stitching 173,300 115,500 Finished goods inventory 130,100 30,250 The following additional Information describes the company's production activities for May $ 80,000 24,500 Direct materials Raw materials purchased on credit Direct materials used-Cutting Direct materials used-stitching DirectXmbor Direct labor Cutting Direct labor-stitching Factory Overhead Actual costs) Indirect materials used Indirect labor used Other overhead costs $ 21,100 34,400 $443,200 57,200 58,000 Factory Overhead tate Cutting Stitching Sales (150% of direct materials used) (120% of direct laborused) $ 696,000 Requirement General Journal General Ledger Thal Balance Raw Materials Cost of Cost of Goods Mfg Goods Mig Cutting stitching Cost of Goods Sold Cross Front Stitching Sales (128% of direct labor used) $ 696,000 Raw Cost of Cost of General General Cost of Requirement Trial Balance Journal Gross Pront Ledger Goods Mfg Goods Mfg Materials Goods Sold Cutting Stitching General Journal tab - Journalize the transactions related to Miller Company's manufacturing of soccer balls. The General Ledger and Trial Balance will be updated based on your entries. Prepare journal entries to record the transactions of Cecconi Company during the month of May. General Ledger tab One of the advantages of general ledger software is that posting is done automatically. To see the detail of all transactions that affect a specific account, or the balance in an account at a specific point in time, click on the General Ledger tab Trial Balance tab General ledger software also automates the preparation of trial balances Atrial balance lists each account from the General Ledger, along with its balance, either a debitor a credit. Total debits should always equal total credits Raw Materials tab Calculate the total cost of direct materials used in production during May Cost of Goods Manufactured Cutting and Stitching tab - Prepare a schedule of cost of goods manufactured for Cecconi Company for the month of May. Cost of Goods Sold tab Prepare a schedule of cost of goods sold for Cecconi Company for the month of May Gross Profit tab - Calculate the gross profit on sales for Moy. Rolament General Journal >