GLO301 - Based on Problem 3-5A (Algo) LO P3, P4 Drake Company manufactures toccer balls in two sequential processes Cutting and Stching. All direct materials enter production at the beginning of the Cutting process. The following information is available regarding its May inventores mestning EH Theory Raw materiais inventory Inventory $ 120,000 153,250 Work in process inventory Cutting 233,500 6.500 Work in process inventory-stitching 10., 180.500 Finished goods inventory 200, 100 56,250 The following additional information describes the company's production activities for May 1145,000 27.750 Direct material Raw materials purchased on credit Direct materials used-cutting Direct materials used stitching Direct Tabor Direct labor-cutting et labor-sti $27.60 te 400 5.90,000 59,00 71.000 Factory Overhead actual con Indirect materials used Indirect laborused Ocher overhead costs Factory Overbes Cutting Stitching Sales (150% of direct materials wied) (1206 of direct labor ded) $1,216.000 Flaw Cost of Cost of Goods Moods Cutting Stitching Coot of Goods Sold Gross Pront Requirement General General Journal Ledger Trial Balance Materiale Prepare journal entries for the month of May's transactions View transaction is View journal entry worksheet Cred No Dals Deble 145,000 1 May 31 At Time Raw materials inventory Accounts payable 145.000 Journal entry worksheet Record the usage of indirect materials. Note: Enter debits before credits. Date Account Title Debit Credit May 31 Record entry Clear entry View general journal Dates: Apr 30 to: Apr 30 General Ledger Account Cash No, Debit Date Apr 29 Credit Accounts receivable Debit Credit No. Balance 440,000 Date Apr 30 Balance 104,000 Raw materials inventory Debit Credit No. Date Work in process inventory Stitching Date Debit Credit No. Apr 29 May 31 Balance 126,000 271.000 Balance 303,300 1 145,000 Finished goods inventory Debit Credit Work in process inventory--Cutting Date Debit Credit No. No. Date Apr 29 Balance 260,100 Balance 283,500 586,800 2 May 31 303,300 Factory Equipment Debit Credit No. No. Date Apr 29 Balance 145,000 Accumulated depreciation Factory equipment Date Debit Credit Balance Apr 29 29,000 Accounts payable Debit Credit Common stock, 55 par value Debit Credit No. No. Balance 1.171 200 1.316.200 Date Apr 30 May 31 Date Apr 29 Balance 78,000 1 145,000 Retained earnings Debit Credit No. No. Pald.in capital in excess of par - Common Date Debit Credit Balance Apr 30 72.000 Date Apr 30 Balance 311,700 Cutting Stitching Sales Se of direct materials used) (120% of direct laborused) $1,216,000 Cash General General Cost of Requirement Cost of Raw Journal Trial Balance Ledger Cost of Goods Mlg Goods Mig Materials Cutting Gross Profit Goods Sold Stitching Dates: Apr 30 to: Apr 30 Drake Company Trial Balance Apell 30, 2018 Account Title Debit Credit S 440.000 Accounts receivable 104,000 Raw materials inventory 271.000 Work in process inventory Stitching 303.300 Finished goods inventory 260 100 Work in process inventory--Cutting 586.800 145,000 Factory Equipment 29.000 Accumulated depreciation - Factory equipment 1316 200 Accounts payable 78 000 Common stock. 55 par value 72.000 Paid in capital in excess of par. Common 311 700 Retained earnings 2110,200 $ 1,806,900 Total aces General General Requirement Cost of Raw Cost of Trial Balance Journal Cost of Ledger Materials Goods Mfg Goods Mfg Goods Sold Gross Profit Cutting Stitching Verify the ending balance in raw materials inventory. Materials used should be indicated with a minus sign. Beginning Raw Materials Inventory Materials available for use $ 0 Ending raw material Inventory Trial Balance Cost of Goods Mfg Cutting > General Requirement General Cost of Cost of Raw Cost of Journal Trial Balance Ledger Materials Goods Mfg Gross Profit Goods Mfg 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 General Requirement General Cost of Cost of Raw Cost of Journal Trial Balance Ledger Materials Goods Mfg Gross Profit Goods Mfg 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 Dates: Apr 30 to: Apr 30 Total manufacturing costs added during May Total cost of work in process General General Cost of Requirement Cost of Raw Cost of Trial Balance Journal G Ledger Goods Mfg Goods Mfg Materials Goods Sold Cutting Stitching Calculate the value of cost of goods sold for the month of May. Ignore any over- or underar calculation of cost of goods sold. ho Dates: Apr 30 Calculate cost of goods sold: Cost of goods available for sale Cost of goods sold Dates: Apr 30 Gross Profit $ 0