GL1601 - Based on Problem 16-1A Sierra Company LO P1, P2, P3, P4 Sierra 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 $ 6,000 5 3,250 Work in process inventory-Cutting 43,500 51,500 Work in process inventory-Stitching 63,300 60,560 Finished goods Inventory 20,100 8,250 The following additional information describes the company's production activities for May Direct materials Raw materials purchased on credit Direct materials used-cutting Direct materials used-stitching 5 25,000 21,750 e Direct labor Direct lobor-Cutting Direct labor-Stitching Total factory payroll paid (in cash) 5 15,600 62,400 133,000 CH Direct Labor Direct labor-Cutting Direct labor-Stitching Total factory payroll paid (in cash) $ 15,600 62,400 133,009 Factory Overhead (Actual costs) Indirect materials used Indirect labor used Other overhead costs $6,000 55,000 47.000 Factory Overhead Rates Cutting (150% of direct materials used) Stitching (120% of direct labor used Sales $256,000 General General Raw Cost of Cost of Requirement Cost of Journal Trial Balance Ledger Materials Goods Mfg Goods Mfg Gross Profit Goods Sold Cutting Stitching General Journal tab. Prepare journal entries to record the transactions of Sierra Company during the month of May. Cost of Materials Used 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 Sierra Company for the month of May. Cost of Goods Sold tab - Prepare a schedule of cost of goods sold for Sierra Company for the month of May. Gross Profit tab - Calculate the gross profit on sales for May. Factory Overhead Rates Cutting (150% of direct materials used) Stitching (120% of direct labor used) Sales $256,000 General General Cost of Cost of Requirement Raw Cost of Trial Balance Journal Ledger Materials Goods Mfg Goods Mfa Goods Sold Gross Profit Cutting Stitching Verify the ending balance in raw materials inventory. Enter the amount of materials used as negative values. Beginning Raw Materials Inventory Materials available for use Ending raw material inventory General General Requirement Cost of Raw Cost of Cost of Journal Trial Balance Materials Goods Mfg Ledger Goods Mfg Goods Sold Cutting Stitching Prepare a schedule of cost of goods manufactured for Sierra Company for the month of May. Gross Profit Dates: Apr 30 to: Apr 30 Total manufacturing costs added during May Total cost of work in process ( Raw Materials Cost of Goods Mig Stitching > General General Cost of Cost of Requirement Raw Journal Trial Balance Cost of Ledger Materials Goods Mfg Goods Mig Cutting Stitching Prepare a schedule of cost of goods manufactured for Sierra Company for the month of May. Goods Sold Gross Profit Dates: Apr 30 to: Apr 30 Total manufacturing costs added during May 63.300 Total cost of work in process (60.500) Cost of goods manufactured Cost of Goods Sold >