GLO301- Based on Problem 3-5A (Algo) LO P3, P4 Sweet 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 Ending Inventory Inventory $101,000 $122,500 233,500 61,000 253,300 155,500 210,100 46,250 The following additional information describes the company's production activities for May Direct materials Raw materials purchased on credit Direct materials used-Cutting $120,000 26,500 Direct materials used-stitching Direct labor Direct labor-Cutting 525,100 Direct labor-stitching 100,400 Factory Overhead (Actual costa) Indirect materials used 72,000 Indirect labor used 58,800 66,000 Other overhead costs Factory Overhead Rates Cutting Stitching (150% of direct materials used) (120% of direct labor used) Sales $1,016,000 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 General Journal tab-Journalize the transactions related to Sweet 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 Sweet 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 Sweet Company for the month of May Cost of Goods Sold tab- Prepare a schedule of cost of goods sold for Sweet Company for the month of May. Gross Profit tab Calculate the gross profit on sales for May General Joumal >