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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 inventories: 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 Direct materials used Cutting Direct materials used-stitching $145,000 27,750 0 Direct labor Direct labor-Cutting Direet labor-Stitching Total factory payroll paid (in cash) $ 27,600 110,400 197,800 Factory Overhead (Actual costs) Indirect materials used Indirect labor used Other overhead costs $ 90,000 59,800 71,000 Factory Overhead Rates Cutting (1508 of direct materials used) stitching (120of direct labor used) Sales $1,216,000 Requirement General Journal General Ledger Trial Balance Raw Materials Cost of Cost of Goods Mfg Goods Mfg Cutting Stitching Cost of Goods Sold Gross Profit Prepare journal entries for the month of May's transactions. View transaction list View journal entry worksheet Na Dobit Date May 31 Account Title No Transaction Recorded Credit 1 Finished goods inventory 305,300 260,100 180,500 56,250 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 $145,000 27,750 0 Direct labor Direct labor-Cutting Direct labor-stitching Total factory payroll paid (in cash) $ 27,600 110,400 197,800 Factory Overhead (Actual costs) Indirect materials used Indirect labor used Other overhead costs $ 90,000 59,800 71.000 Factory Overhead Rates Cutting (1508 of direct materials used) Stitching (1201 of direct labor used) Sales $1,216,000 Cost of Cost of General General Raw Requirement Cost of Trial Balance Goods Mfg Ledger Goods Mfg Journal Gross Profit Materials Goods Sold Cutting Stitching Verify the ending balance in raw materials inventory. Enter the amount of materials used as negative values. Beginning Raw Materials Inventory Materials available for use Ending raw material inventory $ Requirement General Journal General Ledger Trial Balance Raw Materials Cost of Goods Mfg Cutting Gross Profit Cost of Goods Mfg Stitching Cost of Goods Sold Prepare journal entries for the month of May's transactions. View transaction list Journal entry worksheet 1 2 3 4 5 6 7 8 12 > a. Record the purchase of materials (on credit). Note: Enter debits before credits. Account Title Debit Credit Date May 31 Record entry Clear entry View general Journal Factory Overhead (Actual costs) Indirect materials used Indirect labor used Other overhead costs $ 90,000 59,800 71,000 Pactory Overhead Rates Cutting (1501 of direct materials used) Stitching (1208 of direct labor used) Sales $1,216,000 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 Prepare journal entries for the month of May's transactions. View transaction list Journal entry worksheet 2 3 4 5 6 7 8 ..... 12 a. Record the purchase of materials (on credit). Note: Enter debits before credits. Account Title Debit Credit Date May 31 Record entry Clear entry View general Journal Raw materials purchased on credit Direct materials used-Cutting Direct materials used-stitching $145,000 27,750 0 eBook Direct labor Direct labor-cutting Direct labor-stitching Total factory payroll paid (in cash) $ 27,600 110,400 197,800 Ask Factory Overhead (Actual costs) Indirect materials used Indirect labor used Other overhead costs Print $ 90,000 59,800 71,000 References Factory Overhead Rates Cutting (1501 of direct materials used) Stitching (1204 of direct labor used) Sales $1,216,000 General Cost of Cost of Requirement General Raw Journal Ledger Trial Balance Materials Goods Mfg Goods Mfg Goods Sold Gross Profit Cutting Stitching Verify the ending balance in raw materials inventory. Enter the amount of materials used as negative values. Beginning Raw Materials Inventory Materials available for use Ending raw material inventory Trial Balance Cost of Goods Mtg Cutting > Book Factory Overhead (Actual costs) Indirect materials used Indirect labor used Other overhead costs $ 90,000 59,800 71,000 Factory Overhead Rates Cutting (1508 of direct materials used) Stitching (120% of direct labor used) Sales $1,216,000 Print erences Gross Profit General General Cost of Cost of Requirement Cost of Raw Journal Trial Balance Ledger Materials Goods Mfg Goods Mfg Goods Sold Cutting Stitching Prepare a schedule of cost of goods manufactured for Drake Company for the month of May. Dates: Apr 30 to: Apr 30 Total manufacturing costs added during May Total cost of work in process Direct labor-cutting Direct labor-Stitching Total factory payroll paid (in cash) $ 27,000 110,400 197,800 Factory Overhead (Actual costs) Indirect materials used Indirect labor used Other overhead costs $ 90,000 59,800 71,000 Factory Overhead Rates Cutting (1508 of direct materials used) Stitching (120% of direct labor used) Sales $1,216,000 Cost of Cost of General General Raw Cost of Requirement Trial Balance Goods Mfg Goods Mfg Gross Profit Journal Ledger Materials Goods Sold Cutting Stitching Calculate the value of cost of goods sold for the month of May. Ignore any over- or underapplied overhead in the calculation of cost of goods sold. Dates: Apr 30 to: Apr 30 Calculate cost of goods sold: Cost of goods available for sale Cost of goods sold Factory Overhead (Actual costs) Indirect materials used Indirect labor used Other overhead costs $ 90,000 59,800 71,000 Factory Overhead Rates Cutting (150% of direct materials used) Stitching (120% of direct labor used) Sales $1,216,000 Cost of Goods Mfg Stitching Cost of Goods Sold Cost of General General Raw Requirement Trial Balance Goods Mfg Journal Materials Ledger Cutting Calculate the value of gross profit for the month of May. Gross Profit Dates: Apr 30 to: Apr 30 Gross Profit 0 Gross Profit