GLO301 - Based on Problem 3-5A (Algo) LO P3, P4 Drake Company manufactures soccer balls in two sequential processes: Cutting and Stitching. All direct materials enter producuon 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 $ 126,080 283,500 303,389 260,100 Ending Inventory $ 153,250 63,500 189,500 56,250 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 $ 145, eee 27,758 Direct labor Direct labor-Cutting Direct labor-Stitching $ 27,600 110,400 Factory Overhead (Actual costs) Indirect materials used Indirect labor used other overhead costs $ 90,080 59,800 71,080 Factory Overhead Rates Cutting Stitching Sales (150x of direct materials used) (12ex of direct labor used) $1,216,000 $ 1 216,00 General General Cost of Cost of Raw Trial Balance Requirement Cost of Journal Goods Mly Ledger Goods Mfg Gross Profit 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 Drake 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 Drake Company for the month of May. Cost of Goods Sold tab - Prepare a schedule of cost of goods sold for Drake Company for the month of May. Gross Profit tab - Calculate the gross profit on sales for May. Reisen General Journal >> Requirement General Joumal General Ledger Trial Balance Raw Materials Cost of Goods Mig Cutting Cost of Goods My Stitching Cost of Goods Sold Gross Profit Prepare journal entries for the month of May's transactions. View transaction ist Journal entry worksheet .. Record the purchase of materials (on credit). Note: Enter debits before credits Account Title Debit Credit Date May 31 Record entry Clear entry View general Journal Requirement General Joumal General Ledger Trial Balance Raw Materials Cost of Goods Mig Cutting Cost of Goods Mig Stitching Cost of Goods Sold Gross Profit Dates: Apr 30 to: Apr 30 General Ledger Account Cash Accounts receivable No Debit Credit No. Debit Credit Date Apr 29 Balance 440,000 Date Apr 30 Balance 104.000 Raw materials inventory Debit Credit Work in process inventory-Stitching Date Debit Credit No. No. Date Apr 29 Balance 126,000 Balance 303,300 Finished goods inventory Debit Credit Work in process inventory-Cutting Date Debit Credit No. No. Date Apr 29 Balance 260,100 Balance 283.500 Factory Equipment Debit Credit No. Accumulated depreciation - Factory equipment Date Debit Credit Balance Apr 29 29.000 No. Balance 145.000 Date Apr 29 Accounts payable Debit Credit No. Common stock, $5 par value Date Debit Credit Apr 29 No. Balance 1,171,200 Date Apr 30 Balance 78,000 Retained earnings Debit Credit No Paid-in capital in excess of par - Common Date Debit Credit Balance Apr 30 72,000 No. Date Apr 30 Balance 311,700 10 points Requirement General Journal General Ledger Trial Balance Raw Materials Cost of Goods Mlg Cutting Cost of Goods Mig Stitching Cost of Goods Sold Gross Profit Skupces Dates: Apr 30 to: Apr 30 Drake Company Trial Balance April 30, 2018 eBook Credit $ Ask Account Title Cash Accounts receivable Raw materials inventory Work in process inventory-Stitching Finished goods inventory Work in process inventory-Cutting - Factory Equipment Accumulated depreciation - Factory equipment Accounts payable Common stock. $5 par value Paid-in capital in excess of par - Common Retained earnings Total Debit 440.000 104.000 128.000 303,300 260.100 283,500 145,000 Reference: 29.000 1.171,200 78,000 72.000 311,700 1.881,900 1.661.900 Cost of Custom General General Raw cost of Requirement Trial Balance Goods Mig Goods Mig Gross Profit Joumal Ledger Materials Goods Sold Cutting Stitching Verify the ending balance in raw materials inventory. Materials used should be indicated with a minus sig Beginning Raw Materials Inventory Materials available for use S 0 Ending raw material inventory Trial Balance Cost of Goods Mfg Cutting > Sales 112. OT rece haben used $ 1,216,000 Cost or Cost of General General Raw Cost of Requirement Trial Balance Goods Mig Goods Mfg Gross Profit Journal Ledger Materials Goods Sold 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 ( Raw Materials Cost of Goods Mfg Stitching > General General Cost of cast of Raw Cost of Requirement Trial Balance Gools Mig Goods MyGoods sold Gross Profit Joumal Ledger Materials cutting Stitching Prepare a schedule of cost of goods manufactured for the Stitching Department for the month of May. Dates: Apr 30 to: Apr 30 Total manufacturing costs added during May Total cost of work in process Cost of Goods Sold > Factory Overhead Rates Cutting Stitching Sales (150% of direct materials used) (120% of direct labor used) $ 1.216.800 Requirement General Joumal General Ledger Trial Balance Raw Materials dost or Goods My Cutting cost of Goods Mig Stitching Cast of Goods Sold Gross Pront Calculate the value of gross profit for the month of May. Dates: Apr 30 to: Apr 30 Gross Profit 0