Practice Exam 2 2 Itranscript Skip to question Part 2 of 2 10 points 045152 Required information [The following information applies to the questions displayed below] 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 Inventory Ending Inventory Raw materials inventory Work in process inventory-Cutting Work in process inventory-stitching rinished goods inventory $31,000 93,500 $ 36,000 85,500 113,300 38,100 76,000 18,250 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 Direct labor Direct labor-Cutting Direct labor-stitching Factory Overhead (Actual costs) Indirect materials used Indirect labor used $18,100 72,400 $ 58,000 23,000 $ 21,600 56,000 52,000 Other overhead costs Factory Overhead Hata Cutting Stitching Salva 158% of direct materials used 128% of direct labur and $455,000 2 Part 2 of 2 2. Prepare May 31 journal entries to record the following May activities: a. Raw materials purchases b. Direct materials used c. Indirect materials used d. Direct labor used e. Indirect labor used f. Other overhead costs paid in cash g. Overhead applied h. Goods transferred from Cutting to Stitching 1. Goods transferred from Stitching to finished goods j. Sales (on account) k. Cost of goods sold 10 points 045151 View transaction list Journal entry worksheet <1.456 Record cost of goods sold for May. 7 8 9 10 11 Note: Enter dubita before crudita Date May 31 General Journal Debit Credit Record entry Clear entry View general journal Help Save & Exit Submit