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12. Required information [The following information applies to the questions displayed below.) Part 1 of 2 0.58 points 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 $ 76,000 $ 91,750 183,500 130,500 Raw materials inventory Work in process inventory- Cutting Work in process inventory- Stitching Finished goods inventory 203.300 103,900 48,100 36,250 The following additional information describes the company's production activities for May. $95,000 Direct materials Raw materials purchased on credit Direct materials used-Cutting Direct materials used, Stitching 25,250 Direct labor Direct labor-Cutting Direct labor-Stitching Total factory payroll paid (in cash) $ 22,600 90,400 170,800 Part 1 of 2 Factory Overhead (Actual costs) Indirect materials used $54,000 Indirect labor used 57,800 Other overhead costs 61,000 0.58 points Factory Overhead Rates (150% of direct materials Cutting used' (120% of direct labor Stitching used Sales $816,000 Required: 1. Compute the amount of (a) production costs transferred from Cutting to Stitching, (b) production costs transferred from Stitching to finished goods, and (c) cost of goods sold. RM - April 30 RM purchases Raw Materials (RM) 76,000 Indirect materials used 95,000 Direct materials - Cutting 54,000 25,250 RM - May 31 91,750 Work in Process (WIP) - Stitching C of GM - Stitching WIP - April 30 C of GM - Cutting Direct labor - Stitching Overhead - Stitching WIP - May 31 Factory Overhead Indirect materials used Indirect labor used Other overhead costs Income Statement (Partial) Sales Cost of goods sold Gross profit $ 0 Answer is not complete. Work in Process (WIP) - Cutting WIP - April 30 Direct materials - Cutting Direct labor - Cutting Overhead - Cutting WIP - May 31 Ooo Total factory payroll Factory Wages Payable Direct labor - Cutting Direct labor - Stitching Finished Goods (FG) Cost of goods sold FG - April 30 C of GM - Stitching FG - May 31 Cost of goods transferred to Finished Goods Cost of goods sold 2. Prepare summary journal entries dated May 31 to record the following production activities during May: (a) raw materials purchases, (b) direct materials usage, (c) indirect materials usage, (d) direct labor costs incurred, (e) indirect labor costs incurred, (f) payment of factory payroll, (g) other overhead costs, (credit Other Accounts), (h) overhead applied, (i) goods transferred from Cutting to Stitching, (j) goods transferred from Stitching to finished goods, (k) cost of goods sold, and (1) sales. 1 May 31 Raw materials inventory Accounts payable 2 May 31 Work in process inventory-Cutting Raw materials inventory May 31 Factory overhead Raw materials inventory May 31 Work in process inventory-Cutting Work in process inventory-Stitching Factory wages payable May 31. Factory overhead Factory wages payable May 31 Factory wages payable Cash May 31 Factory overhead Other accounts May 31 Work in process inventory-Cutting Work in process inventory-Stitching Factory overhead 9 May 31 Work in process inventoryStitching Work in process inventory-Cutting 10 May 31 Finished goods inventory Work in process inventory_Stitching May 31 Cost of goods sold Finished goods inventory - 12 May 31 Accounts receivable Sales