GLO301 - Based on Problem 3-5A (Algo) LO P3, P4 Kennedy 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 Erding Inventory Inventory Raw materials inventory 5 36,000 $42,550 Work in process inventory-cutting 103,500 54,500 Work in process inventory-stitching 123,300 90,500 Finished goods Inventory 30,100 20,250 The following additional information describes the company's production activities for May Direct materiais Raw materials purchased on credit $ 55,000 Direct materials used-cutting 23,250 Direct materials used-stitching Direct labor Direct labor-Cutting $ 18,600 Direct labor-stitching 74,400 Factory Overhead actual costo) Indirect materials used $ 25,200 Indirect labor used 56,200 Other overhead costs 53,000 0 Factory Overhead Rates Cutting Stitching (150% of direct materials used) (120% of direct labor used 5.490.000 Prepare journal entries for the month of May's transactions, View transaction list View journal entry worksheet No Date May 31 Account Title Debit 55,000 Credit Raw materials inventory Accounts payable 55,000 2 May 31 Work in process inventory--Cutting Raw materials inventory 23,250 23,250 May 31 25,200 Factory overhead Raw materials inventory 25 200 May 31 Work in process inventory-Stitching Work in proceso inventory-Cutting Factory wages payable ces 2 May 31 56,200 Factory overhead Factory wagos payablo 56,200 6 May 31 No Transaction Recorded 11 May 31 No Transaction Recorded 8 May 31 Work in process inventory Stitching Work in process inventory-Cutting 9 May 31 No Transaction Recorded 10 May 31 No Transaction Recorded 11 May 31 Cost of goods sold Finished goods inventory Cost of Cost of General Requirement General Raw Cost Trial Balance Goods Mfg Dournal Goods Mfg Ledger Materials Goods Cutting Stitching Prepare a schedule of cost of goods manufactured for the Cutting Department for the me Dates: Apr 30 Direct materials used $ 23,250 Direct labor used Factory overhead applied 23.250 Total manufacturing costs added during May Add Beginning work in process inventory Total cost of work in process Less Ending work in process inventory Cost of Cost of General General Raw Requirement Journal Trial Balance Goods Mfg Goods Mfg Ledger Materials GC Cutting Stitching Prepare a schedule of cost of goods manufactured for the stitching Department for t Dates: Apr Raw materials purchased Total manufacturing costs added during May Total cost of work in process Cost of cost of General General Raw Requirement Cost of Trial Balance Journal Goods Mfg Materials Goods Mfg Gros Ledger Goods Sold Cutting Stitching Calculate the value of cost of goods sold for the month of May. Ignore any over or underapp! calculation of cost of goods sold. Dates: Apr 30 Calculate cost of goods sold: Cost of goods available for sale Cost of goods sold SAL Gross Profit Cost of General Raw Cost of General Requirement Cost of Journal Ledger Trial Balance Materials Goods Mfg Goods Mfg Goods Sold Cutting Stitching Calculate the value of gross profit for the month of May. Dates: Apr 30 Gross Profit to: Apr 30 0