GLO301 - Based on Problem 3-5A (Algo) LO P3, P4 Clancy 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 $ 116.000 $ 140, 950 Work in process inventory-Cutting 263,580 62,50 Work in process inventory-stitching 283,380 170,5ee Finished goods inventory 240.188 52,25e The following additional information describes the company's production activities for May. Direct materials Raw materials purchased on credit $ 135,000 Direct materials used-Cutting 27.250 Direct materials used-stitching @ Direct labor Direct labor-Cutting Direct labor-stitching $ 26,600 106,400 Factory Overhead (Actual costs Indirect materials used Indirect labor used Other overhead costs $ 82,800 59,400 69. eee Factory Overhead Rates Cutting Stitching Sales (150% of direct materials used) (120% of direct labor used) $ 1,136,000 Answer is not complete. Requirement General Journal General Ledger Trial Balance Raw Materials Cost of Goods Mfg Cutting Cost of Goods Mfg Stitching Cost of Goods Sold Gross Profit Prepare journal entries for the month of May's transactions. No Account Title Debit Credit Date May 31 1 No journal entry required X 2 2 May 31 No journal entry required 3 May 31 No journal entry required > 4 May 31 No journal entry required 5 May 31 No journal entry required X X 0 May 31 No journal entry required 7 May 31 No journal entry required 8 May 31 No journal entry required 9 May 31 No journal entry required 10 May 31 No journal entry required 11 May 31 No journal entry required General General Cost of Requirement Cost of Raw Journal Ledger Trial Balance Cost of Materials Goods Mfg Goods Mfg Cutting Stitching Goods Sold Gross Profit Verify the ending balance in raw materials inventory. Materials used should be indicated with a minus sian. Beginning Raw Materials Inventory Materials available for use Ending raw material inventory S 0 Goods Sold Gross Profit Cost of Cost of General General Raw Requirement Cost of Goods Mfg Trial Balance Ledger Journal Materials Goods Mfg Cutting Stitching Prepare a schedule of cost of goods manufactured for the Cutting Department for the month of May. Dates: Apr 30 to: Apr 30 Total manufacturing costs added during May Total cost of work in process Rain General General Cost of Cost of Cost of Requirement Journal Ledger Trial Balance Materials Goods Mfg Goods Mfg Goods Sold Gross Profit Cutting Stitching Calculate the value of cost of goods sold for the month of May. Ignore any over- or underapplied overhead in the calculation of cost of goods sold. Dates: Apr 30 to: Apr 30 Calculate cost of goods sold: Cost of goods available for sale Cost of goods sold