Panzarella 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 $146,000 323,500 343,300 300,100 Ending Inventory $177,850 65,500 200,500 64,250 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 $ 165,000 28,750 Direct labor Direct labor-Cutting Direct labor-stitching Total factory payroll paid (in cash) $ 29,600 118,400 208,600 Factory Overhead (Actual costs) Indirect materials used Indirect labor used Other overhead costs $104,400 60,600 75,000 Factory Overhead Rates Cutting (150% of direct materials used) Stitching (120% of direct labor used) Sales $1,456,000 Journal entry worksheet j. Record the transfer of production to finished goods, as calculated on the Cost of Goods Manufactured tab. Note: Enter debits before credits. Debit Credit Date May 31 Account Title Finished goods inventory Work in process inventoryStitching Record entry Clear entry View general journal Journal entry worksheet 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 gross profit for the month of May. Dates: Apr 30 to: Apr 30 Gross Profit Sales Cost of goods sold Gross profit