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LO GLO301 - Based on Problem 3-5A (Algo) LO P3, P4 Drake 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 Inventores: Beginning Ending Inventory Inventory Raw materials inventory $ 126,000 $ 153,250 Work in process Inventory-cutting 283,500 63,500 Work in process Inventory-stitching 303,300 180,500 Finished goods Inventory 260,100 56,250 The following additional Information describes the company's production activities for May. Direct materials Raw materials purchased on credit $ 145,000 Direct materials used-cutting 27.750 Direct materials used-stitching $ 27,600 119,480 Direct labor Direct labor-Cutting Direct labor-stitching Factory Overtiead (Actual costs) Indirect materials used Indirect labor used Other overhead costs Factory Overhead Rates Cutting stitching Sales $ 99, see 59,800 71,080 (15ex of direct materials used) (12ex of direct labor used) $1,216,00 General General Cost or Cost of Raw Trial Balance Requirement Cost of Journal Ledger Materials Goods Mig Goods Mig Gross Profit Goods Sold Cutting Stitching Prepare a schedule of cost of goods manufactured for the Cutting Department for the month of May. Dates: Apr 30 to: Apr 30 Accounts receivable, net Accounts receivable, net Accounts receivable, net Accounts receivable, net Total manufacturing costs added during May Add: Beginning finished goods inventory Total cost of work in process Less Beginning finished goods inventory GLO301 - Based on Problem 3-5A (Algo) LO P3, P4 Drake Company manufactures soccer balls in two sequential processes: Cutting and Stitching. All direct materials entor production at the beginning of the Cutting process. The following Information is available regarding its May Inventones Beginning Ending Inventory Inventory Raw materials Inventory $ 126,000 $ 153,25 Work in process inventory-cutting 283,500 63,500 Work in process inventory-stitching 303,300 180,500 Finished goods Inventory 260,100 56,250 The following additional Information describes the company's production activitles for May. Direct materials Raw materials purchased on credit $ 145,800 Direct materials used-cutting 27,750 Direct materials used-stitching Direct labor Direct labor-Cutting $ 27, Gee Direct labor-Stitching 110,400 Factory Overhead (Actual costs) Indirect materials used $ 90,000 Indirect labor used 59,880 Other overhead costs 71,000 Factory Overhead Rates Cutting (150% of direct materials used) stitching (120% of direct labor used) Sales $1,216,000