Jones 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 avallable regarding its May inventories: The following additional information describes the company's production activities for May. Prepare journal entries for the month of May's transactions. 7 Record the application of overhead at a rate of 150% of direct materials costs (Cutting) and 120% of direct labor cost (Stitching). 8 Record the transferred costs of partially completed goods. 9 Record the transfer of production to finished goods, as calculated on the Cost of Goods Manufactured tab. 10 Record the sale of goods on account. 11 Record the cost of goods sold, as calculated on the cost of goods sold tab. Verify the ending balance in raw materials inveritory. Materials used should be indicated with a minus sign. Prepare a schedule of cost of goods manufactured for the Cutting Department for the month of May. Prepare a schedule of cost of goods manufactured for the Stitching Department for the month of May. 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. Calculate the value of gross profit for the month of May