Prepare a schedule of cost of goods manufactured for the Cutting Department for the month of May.

Egert 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 materials inventory Work in process inventory-Cutting Work in process inventory-Stitching Finished goods inventory Beginning Inventory $ 21,000 73,500 93,300 50,100 Ending Inventory $ 24,100 53,000 75,500 14,250 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 $ 40,000 22,500 0 Direct labor Direct labor-Cutting Direct labor-Stitching $ 17,100 68,400 Factory Overhead (Actual costs) Indirect materials used Indirect labor used Other overhead costs $ 14,400 55,600 50,000 Factory Overhead Rates Cutting citching (150% of direct materials used) (120% of direct labor used) Sales $ 376,000 Record the purchase of materials (on credit). 2 Record direct materials used in production. 3 Record the usage of indirect materials. 4 Record the cost of direct labor incurred but not yet paid. (Use "Factory wages payable" account). 5 Record the cost of indirect labor incurred but not yet paid. (Use "Factory wages payable" account). 6 Record overhead costs paid in cash. 7 Record the application of overhead at a rate of 150% of 8 Record the transferred costs of partially completed goods. 9 Record the transfer of production to finished goods, as calculated on the cost of Goods Manufactured tab. 10 Record the sale of goods on account. 11 Record the cost of goods sold, as calculated on the cost of goods sold tab. Verify the ending balance in raw materials inventory. Materials used should be indicated with a minus sign. Beginning Raw Materials Inventory Materials available for use Ending raw material inventory $ 0 Dates: Apr 30 to: Apr 30 Total manufacturing costs added during May Total cost of work in process Prepare a schedule of cost of goods manufactured for the Stitching Department for the month of May. Dates: Apr 30 to: Apr 30 Total manufacturing costs added during May Total cost of work in process 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 Calculate the value of gross profit for the month of May. Dates: Apr 30 to: Apr 30 Gross Profit 0