Miller 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: Raw materials inventory Work in process inventory-Cutting Work in process inventory-Stitching Finished goods inventory Beginning Inventory Ending Inventory $ 71,000 $ 85,600 173,500 193,300 58,000 150,100 125,500 34,250 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 t Indirect labor used Other overhead costs Factory Overhead Rates Cuttine $ 90,000 25,000 $ 22,100 88,400 $ 50,400 57,600 60,000, (150% of direct materials used) Factory Overhead (Actual costs) Indirect materials used Indirect labor used Other overhead costs Factory Overhead Rates Cutting Stitching Sales $ 50,400 57,600 60,000 (150% of direct materials used) (120% of direct labor used) $ 776,000 Requirement General Journal General Ledger Trial Balance Materials Raw Cost of Goods Mfg Cutting Cost of Goods Mfg Stitching Cost of Goods Sold Gross Profit General Journal tab- Journalize the transactions related to Miller Company's manufacturing of soccer balls. The General Ledger and Trial Balance will be updated based on your entries. Prepare journal entries to record the transactions of Miller Company during the month of May. General Ledger tab One of the advantages of general ledger software is that posting is done automatically. To see the detail of all transactions that affect a specific account, or the balance in an account at a specific point in time, click on the General Ledger tab. Trial Balance tab General ledger software also automates the preparation of trial balances. A trial balance lists each account from the General Ledger, along with its balance, either a debit or a credit. Total debits should always equal total credits. Raw Materials tab Calculate the total cost of direct materials used in production during May. Cost of Goods Manufactured Cutting and Stitching tab Prepare a schedule of cost of goods manufactured for Miller Company for the month of May. Cost of Goods Sold tab Prepare a schedule of cost of goods sold for Miller Company for the month of May. the arner profit on sales for May. Journal entry worksheet < 2 3 4 5 6 7 8 11 Record the purchase of materials (on credit). Note: Enter debits before credits. Date May 31 Account Title Debit Credit Record entry Clear entry View general journal Sales $ 776,000 Cost of Requirement General Journal General Ledger Trial Balance Raw Materials Goods Mfg Cutting Cost of Goods Mfg Stitching Cost of Goods Sold Gross Profit Verify the ending balance in raw materials inventory. Materials used should be indicated with a minus sign. Beginning Raw Materials Inventory Materials available for use Ending raw material inventory General Requirement Journal General Ledger Trial Balance Raw Materials Cost of Goods Mfg Cutting Cost of Goods Mfg Stitching Cost of Goods Sold Gross Profit Prepare a schedule of cost of goods manufactured for the Cutting Department for the month of May. Total manufacturing costs added during May Total cost of work in process Dates: Apr 30 to: Apr 30 Requirement General Journal General Ledger Trial Balance Raw Materials Cost of Goods Mfg Cutting Cost of Goods Mfg Stitching Cost of Goods Sold Gross Profit to: Apr 30 Prepare a schedule of cost of goods manufactured for the Stitching Department for the month of May. Total manufacturing costs added during May Total cost of work in process Dates: Apr 30 < Cost of Goods Mfg Cutting Cost of Goods Sold > B Requirement General Journal General Ledger Trial Balance Raw Materials Cost of Goods Mfg Cutting Cost of Goods Mfg Stitching Cost of Goods Sold Gross Profit 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 cost of goods sold: Cost of goods available for sale Dates: Apr 30 to: Apr 30 Cost of goods sold < Cost of Goods Mig Stitching Gross Profit > General Requirement Journal General Ledger Trial Balance Raw Materials Cost of Goods Mfg Cutting Cost of Goods Mfg Stitching Cost of Goods Sold Gross Profit Calculate the value of gross profit for the month of May. Gross Profit Dates: Apr 30 to: Apr 30 < Cost of Goods Sold Gross Profit >