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Prepare journal entries for the month of May's transactions. Prepare a schedule of cost of goods manufactured for the Cutting Department for the month of May. Calculate the value of gross profit for the month of May. Cariberg 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 avaliable regarding its May inventories: The following additional information describes the company's production activities for May. Answer is not complete. Factory Overhead (Actual costs) Indirect materials used Indirect labor used other overhead costs S 21,600 56,000 52,000 Factory Overhead Rates Cutting stitching (150\% of direct materials used) (120\% of direct labor used) Sales 3,456,000 \begin{tabular}{|c|c|c|c|c|c|c|c|c|} \hline Requirement & GeneralJournal & GeneralLedger & Trial Balance & RawMaterials & CostofGoodsMfoCutting & CostofGoodsMfoStitching & CostofGoodsSold & Gross Profit \\ \hline \end{tabular} Verify the ending balance in raw materials inventory, Materials used should be indicated with a minus sign. Direct labor Direct labor-Cutting Direct labor-stitching $18,160 72,490 Factory Overhead (Actual costs) Indirect materials used Indirect labor used other overhead costs \$ 21,690 56,000 52,090 Factory Overhead Rates cutting stitehing (150X of direct materials used) (120\% of direct labor used) sales. $456,000 \begin{tabular}{|c|c|c|c|c|c|c|c|c|} \hline Requirement & GeneralJournal & GeneralLedger & Trial Balance & RawMaterials & CostofGoodsMfoCutting & CostofGoodsMfoStitching & CostofGogdsSold & Gross Profit \\ \hline \end{tabular} Prepare a schedule of cost of goods manufactured for the Stitching Department for the Cost of Goods Sold Dates: April 30 to: April 30 Cost of Goods Mig Cutting Cost of Goods Sold