ki 1 ces 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 Inventory Ending Inventory Raw materials inventory Work in process inventory-Cutting Work in process inventory-Stitching Finished goods inventory $ 6,000 $ 9,250 43,500 51,500 63,300 60,500 20,100 8,250 The following additional information describes the company's production activities for May. Direct materials Raw materials purchased on credit Direct materials used-Cutting Direct materials used-Stitching Direct labor Direct labor-Cutting Direct labor-Stitching Factory Overhead (Actual costs) Indirect materials used Indirect labor used other overhead costs: Factory Overhead Rates, Cutting Stitching Sales $ 25,000 21,750 0 $ 15,600 62,400 $6,000 55,000 46,505 (150% of direct materials used). (120% of direct labor used) $256,000 General Ledger Account Cash Accounts receivable No. Date Debit Credit Balance No. Apr 30 200,000 Date Apr 30 Debit No. Date Apr 30 No. Date Apr 30 Raw materials inventory Debit Credit Balance 8,000 Work in process inventory-Stitching Credit Balance No. Date 6,000 Finished goods inventory Debit Debit Credit Balance 63,300 Work in process inventory-Cutting Credit Balance No. Date 20,100 Factory Equipment No. Date Apr 30 Debit Debit Credit Balance 43,500 Accumulated depreciation Factory equipment. Credit Balance No. Date Debit 25,000 Apr 30 Accounts payable Credit Common stock, $5 par value. Balance 5,000 No. Date Apr 30 Debit Credit Balance No. Date Debit 75,500 Apr 30 Credit Balance 30,000 Paid-in capital in excess of par Common Retained earnings nata nahit Balance MA nata Mabit Balance Beginning Raw Materials Inventory Materials available for use Ending raw material inventory $ 0 Total manufacturing costs added during May Total cost of work in process for the month of May. Dates: Apr 30 to: Ap es Total manufacturing costs added during May Total cost of work in process Cost of goods manufactured 63,300 63,300 (60,500) 2,800 Dates: Apr 30 Calculate cost of goods sold: Cost of goods available for sale Cost of goods sold 213,905 Gross Profit es $ 256,000 (213,905) $ 42,095 < Cost of Goods Sold Gro