Milier Compony 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 inventorles: The following additional information describes the company's production activities for May. Frepare journal entries for the month of May's transactions. General Ledger Account \begin{tabular}{|c|c|c|c|c|} \hline \multicolumn{3}{|c|}{ Cesh } \\ \hline No. & Date & Deblt & Credit & Balance \\ \hline & Apr 29 & & & 330,000 \\ \hline \end{tabular} \begin{tabular}{|c|c|c|c|c|} \hline \multicolumn{5}{|c|}{ Accounts recelvabile } \\ \hline No. & Date & Deblt & Credit & Balance \\ \hline & Ape 30 & & & 60,000 \\ \hline \end{tabular} Raw materials inventory Work in process inventory-Stitehing \begin{tabular}{|c|c|c|c|c|} \hline No. & Date & Debit & Credit & Balance \\ \hline & Apr 29 & & & 71,000 \\ \hline \end{tabular} \begin{tabular}{|c|c|c|c|c|} \hline No. & Date & Debit & Credit & Balance \\ \hline & & & & 193,300 \\ \hline \end{tabular} \begin{tabular}{|c|c|c|c|c|} \hline \multicolumn{4}{|c|}{ Finished goods inventery } \\ \hline No. & Date & Debit & Credit & Balance \\ \hline & Apr 29 & & & 150,100 \\ \hline \end{tabular} \begin{tabular}{|c|c|c|c|c|} \hline \multicolumn{4}{|c|}{ Work in process inventory-cutting } \\ \hline No. & Date & Debit & Credit & Balance \\ \hline & & & & 173,500 \\ \hline \end{tabular} \begin{tabular}{|c|c|c|c|c|} \hline \multicolumn{4}{|c|}{ Factory Equipment } \\ \hline No. & Date & Debit & Credit & Balance \\ \hline & Apt 29 & & & 90,000 \\ \hline \end{tabular} Accumulated depreclation - Factory equipment \begin{tabular}{|c|c|c|c|c|} \hline \multicolumn{1}{|c|}{} & \multicolumn{2}{|c|}{ Common steck, 55 par vahie } \\ \hline No. & Date & Deblt & Credit & Balance \\ \hline & Apr 29 & & & 56.000 \\ \hline \end{tabular} \begin{tabular}{|c|c|c|c|c|} \hline \multicolumn{3}{|c|}{ Paidin capital in excess of par - Common } \\ \hline No. & Date & Debit & Credit & Balance \\ \hline & Apr 30 & & & 50,000 \\ \hline \end{tabular} C onseral Ledger Verify the ending balance in raw materials inventory. Materials used should be indicated with a minus sign. Ealen \&. 776,000 Prepare a-schedule of cost of goods manufactured for the Cutting Department for the month of May. Cutting (1504 of direct materiali used) stitehing (120t of direct labor used) Salee .77.6.000 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 underapplled overhead in the calculation of cost of goods sold. salen $776,000 Calculate the value of gross profit for the month of May
