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: The following additional information describes the company's production activities for May. Sales Cost of Goods Mfg Stitching Prepare journal entries for the month of May's transactions. Prepare journal entries for the month of May's transactions. 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 produ at the beginning of the Cutting process. The following information is available regarding its May Inventories: The following additional information describes the company's production activities for May. Factory Overhead Rates cutting (150\% of direct matenials used) Stitching (120\% of direct labor used) Sales Verify the ending balance in raw materials inventory. Materials used should be indicated with a minus sign. GL0301 - 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: The following additional information describes the company's production activities for May Factory Overhead Rates cutting (150\% of direct materials used) stitching (120\% of direct labor used) Sales Prepare a schedule of cost of goods manufactured for the Cutting Department for the month of May. Kennedy Company manufactures soccer balls in two sequential processes: Cutting and Stitching. All direct materials at the beginning of the Cutting process. The following information is available regarding its May inventories: The following additional information describes the company's production activities for May. Kennedy Company manufactures soccer balls in two sequential processes: Cutting and Stitching. All direct materials enter at the beginning of the Cutting process. The following information is available regarding its May inventories: The following additional information describes the company's production activities for May. Sales 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. Kennedy Company manufactures soccer balls in two sequential processes: Cutting and Stitching. All direct materials enter pi at the beginning of the Cutting process. The following information is available regarding its May inventories: The following additional information describes the company's production activities for May. Calculate the value of gross profit for the month of May