Please help me to solve:
-Raw Materials
-Cost of Goods Mfg Cutting
-Cost of Goods stitching
-Cost of Goods Sold
-Gross Profit
Stam 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 laterials inventory $121,888 $147,188 Work in process inventoryCutting 273,588 63,888 Work in process inventoryStitching 293,388 175,588 Finished goods inventory 258,188 54, 258 The following additional information describes the company's production activities for May. Raw materials purchased on credit $148,888 Direct materials usedCutting 27,588 Direct materials usedStitching 8 Direct laborCutting $ 27,188 Direct labor~Stitching 188,488 Total factory payroll paid (in cash) 155,108 Indirect materials used $ 86,498 Indirect labor used 59,696 Other overhead costs 78,998 Cutting (159% of direct materials used) Stitching (129% of direct labor used) Sales $1,176,998 No Date Account Title Debit Credit 1 May 31 Raw materials inventory 140,000 Accounts payable 140,000 May 31 Work in process inventory-Cutting 27,500 Raw materials inventory 27,500 3 May 31 Factory overhead 86,400 Raw materials inventory 86,400 4 May 31 Work in process inventory-Cutting 27,100 Work in process inventory-Stitching 108,400 Factory wages payable 135,500 5 May 31 Factory overhead 59,600 Factory wages payable 59,600 6 May 31 Factory wages payable 195, 100 Cash 195, 100 May 31 Factory overhead 70,000 Other accounts 70,000 May 31 Work in process inventory-Cutting 41,250 Work in process inventory-Stitching 130,080 Factory overhead 171,330 May 31 Work in process inventory-Stitching 306,350 Work in process inventory-Cutting 306,350 10 May 31 Finished goods inventory 662,630 Work in process inventory-Stitching 662,630 11 May 31 Cost of goods sold 858,480 Finished goods inventory 858,480 12 May 31 Accounts receivable 1,176,000 Sale 1.176.000General Cost of Cost of Cost of Requirement General Raw Journal Ledger Trial Balance Materials Goods Mfg Goods Mfg Goods Sold Gross Profit Cutting Stitching Dates: Apr 30 to: Apr 30 Stam Company Trial Balance April 30, 2018 Account Title Debit Credit + Cash $ 234,900 Accounts receivable 1,276,000 Raw materials inventory 147,100 Work in process inventory-Stitching 175,500 Finished goods inventory 54,250 Work in process inventory-Cutting 63,000 Factory overhead 44,670 Factory Equipment 140,000 Accumulated depreciation - Factory equipment 28,000 Accounts payable 1,263,400 Other accounts 70,000 Common stock, $5 par value 76,000 Paid-in capital in excess of par - Common 70,000 Retained earnings 310,500 +Sales 1,176,000 + Cost of goods sold 858,480 Total $ 2,993,900 $ 2,993,900General General Raw Cost of Cost of Requirement Goods Mfg Goods Mfg Cost of Journal Ledger Trial Balance Materials Gross Profit Cutting Stitching Goods Sold Verify the ending balance in raw materials inventory. Enter the amount of materials used as negative valu Beginning Raw Materials Inventory Direct materials used Materials available for use Factory overhead applied Ending raw material inventory $ 0Cost of Cost of Cost of Goods Mfg Goods Mfg Goods Sold Cutting Stitching General General . Raw Trial Balance ReqUIrement Journal Ledger Materials Gross Prot Prepare a schedule of cost of goods manufactured for Stam Company for the month of May. Dates: Apr 30 v to: A; Requirement Prepare a schedule of cost of goods manufactured for Stam Company for the month of May. Dates: Apr 30 v to: A; Total cost of work in process _ Raw Cost of Cost of Cost of Requirement Trial Balance . Goods Mfg Goods Mfg Gross Prot Materials . . . : Goods Sold Cutting Stitching 5 Calculate the value of cost of goods sold for the month of May. Ignore any over or underapph'ed ave; calculation of cost of goods sold. Dates: Apr 30 v to: Api Cost of goods available for sale _ Cost of goods sold _ Raw Cost of Cost of Cost of . Goods Mfg Goods Mfg Gross Profit Materials . . . Goods Sold Cutting Stitching Calculate the value of gross prot for the month of May. Dates: Apr 30 v to: Apr 30
