GLO301 - Based on Problem 03-1A LO P1, P2, P3, P4 Clark 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: Raw materials inventory Work in process inventory-Cutting Work in process inventory-Stitching Finished goods inventory Beginning Inventory $ 76,600 183,500 283,300 160,100 Ending Inventory $ 91,750 58,500 130, see 36,250 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 $ 95,000 25,250 Direct labor Direct labor-Cutting Direct labor-Stitching Total factory payroll paid (in cash) $ 22,600 90,400 170,800 Factory Overhead (actual costs) Indirect materials used Indirect labor used Other overhead costs $ 54,000 57,800 61,000 Proy 1 of 1 ] Next Factory Overhead Rates Cutting (150% of direct materials used) Stitching (120% of direct labor used) Sales $816,000 Requirement General Journal General Ledger Trial Balance Raw Materials Cost of Cost of Goods Mfg Goods Mfg Cutting Stitching Cost of Goods Sold Verify the ending balance in raw materials inventory. Enter the amount of materials used as Beginning Raw Materials Inventory Raw materials purchased Materials available for use Direct materials used 76,000 95,000 171,000 Ending raw material inventory 171,000 Factory Overhead Rates Cutting (150% of direct materials used) Stitching (120% of direct labor used) Sales $816,000 Requirement Raw General Journal General Ledger Trial Balance Cost of Cost of Goods Mfg Goods Mfg Materials Cost of Goods Sold Old Gross Profit Cutting Stitching Prepare a schedule of cost of goods manufactured for Clark Company for the month of May. Dates: Apr 30 to: Apr 3 Total manufacturing costs added during May Total cost of work in process cutting Stitching Sales (158% of direct materials used) (120% of direct labor used) $816,000 General General Cost of Cost of Requirement Trial Balance Raw Cost of Journal Ledger Materials Goods Mfg Goods Mfg Cutting Stitching Goods Sold Gross Profit Prepare a schedule of cost of goods manufactured for Clark Company for the month of May. Dates: Apr 30 to: Apr 30 Total manufacturing costs added during May Total cost of work in process Prey 1 of 1 ! Next > Factory Overhead Rates Cutting (150% of direct materials used) Stitching (120% of direct labor used) Sales $816,000 Trial Balance Materials Cost of Cost of General General Raw Requirement Cost of Goods Mfg Goods Mlg Goods Sold Journal Ledger Mlg Goods Sold Gross Profit Cutting Stitching Calculate the value of cost of goods sold for the month of May. Ignore any over- or underapplied over calculation of cost of goods sold. Dates: Apr 30 to: Apr Calculate cost of goods sold: Cost of goods available for sale Cost of goods sold (Cost of Goods Mfg Stitching Gross Profit > other overhead costs 61,000 Factory Overhead Rates Cutting (150% of direct materials used) Stitching (120% of direct labor used) $816,000 Sales General Trial Balance Materials Cost of Goods Mfg Stitching Cost of Goods Sold Gross Profit a Cost of General Requirement Raw Journal Ledger Goods Mfg coger Materials Cutting Calculate the value of gross profit for the month of May. Dates: Apr 30 to: Apr 30 Gross Profit $ 0