n ie leyarding it Work in process inventory-Cutting Work in process inventory-Stitching Finished goods inventory Beginning Inventory 133,500 153,300 38,100 Ending Inventory 105,500 88,400 26,250 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 $ 70,000 24,000 Direct labor Direct labor-Cutting Direct labor-Stitching Total factory payroll paid (in cash) $ 20,100 80,400 157,300 Factory Overhead (Actual costs) Indirect materials used Tndinert lahon near $ 36,000 56 gan Direct labor Direct labor-Cutting Direct labor-Stitching Total factory payroll paid (in cash) $ 20,100 80,400 157,300 Factory Overhead (Actual costs) Indirect materials used Indirect labor used Other overhead costs $ 36,000 56,800 56,000 Factory Overhead Rates Cutting (150% of direct materials used) Stitching (120% of direct labor used) Sales $616,000 Problem 20-1A Part 2 Required information Factory Overhead Rates Cutting (150% of direct materials used) Stitching (120% of direct labor used) Sales $616,000 Problem 20-1A Part 2 2. Prepare summary journal entries dated May 31 to record the following production activities caring May: (a) raw materials purchases, (b) direct materials usage, (c) indirect materials usage, (d) direct labor costs incurred, (e) indirect labor costs incurred. (1) payment of factory payroll, (g) other overhead costs, (credit Other Accounts), (h) overhead applied, goods transferred from Cutting to Stitching. U goods transferred from Stitching to finished goods, (k) cost of goods sold, and (1) sales. View transaction list Journal entry worksheet Search o e a