GLO301 - 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: Raw materials inventory Work in process inventory-Cutting Work in process inventory-Stitching Finished goods inventory Beginning Inventory $ 61,000 153,500 173,300 130, 100 Ending Inventory $ 73,300 57,000 115,500 30, 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 $ 80,000 24,500 0 Direct labor Direct labor-Cutting Direct labor-Stitching $ 21,100 84,400 Factory Overhead (Actual costs) Indirect materials used Indirect labor used Other overhead costs $ 43,200 57,200 58,000 Factory Overhead Rates Cutting Stitching Sales (150% of direct materials used) (120% of direct labor used) $ 696,000 Stitching Sales (120% of direct labor used) $ 696,000 General General Cost of Requirement Cost of Raw Cost of Journal Trial Balance Ledger Materials Goods Mfg Goods Mfg Goods Sold Gross Profit 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. A trial balance lists each account from the General Ledger, along with its balance, either a debit or 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 May. General Journal >