NEEDED ASAP

Sierra 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. Beginning Ending Inventory Inventory Raw materials inventory $ 66,000 $ 79,450 Work in process inventory-Cutting 163,500 120,500 Work in process inventory-stitching 183,300 97,700 Finished goods inventory 44,180 32,250 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 $ 85,000 24,750 Direct labor Direct lobor-Cutting Direct labor-Stitching $ 21,600 86,480 Factory Overhead (Actual costs) Indirect materiols used Indirect lobor used Other overhead costs $ 46,800 57,400 59,000 Factory Overhead Rates Cutting Strine 150% of direct materials used 1 k nf dirert Ihr usert Other overhead costs 59,800 Factory Overhead Rates Cutting Stitching 150% of direct materials used 120% of direct labor used Sales 5 736.000 Problem 20-5A (Algo) Part 1 Required: 1. Compute the amount of (a) production costs transferred from Cutting to Stitching. (b) production costs transferred from Sutching to finished goods, and (c) cost of goods sold. Hint Compute the total production costs in each department and then subtract the ending inventory to get the amount transferred out of each department (a) Transferred to work in process-Stitching (b) Transferred to finished goods (c) Cost of goods sold 2. Prepare May 31 journal entries to record the following May activities: a. Raw materials purchases b. Direct materials used C. Indirect materials used d. Direct labor used e. Indirect labor used f. Other overhead costs paid in cash g. Overhead applied h. Goods transferred from Cutting to Stitching i. Goods transferred from Stitching to finished goods j. Sales (on account) k. Cost of goods sold View transaction list Journal entry worksheet