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 avallable regarding its May inventories: The following additional information describes the company's production activities for May. Record the purchase of materials (on credit). Record direct materials used in production. Record the usage of indirect materials. 4 Record the cost of direct labor incurred but not yet paid. (Use "Factory wages payable": account). 5 Record the cost of indirect labor incurred but not yet paid. (Use "Factory wages payable" account). 6 Record overhead costs paid in cash. 7 Record the application of overhead at a rate of 150% of Note: = journal entry has been entered Verify the ending balance in raw materials inventory. 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 th calculation of cost of goods sold. Calculate the value of gross profit for the month of May