Prepare journal entries for the month of May's transactions. Inirnal ontry winrkchoot Note: tnter debits betore crealts. Prepare a schedule of cost of goods manufactured for the Cutting Department for the month of May. GL0301 - Based on Problem 3-5A (Algo) LO P3, P4 Kelley 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: The following additional information describes the company's production activities for May. Calculate the value of gross profit for the month of May. The following additional information describes the company's production activities for May. Direct materials Raw materials purchased on credit \\( \\$ 75,000 \\) Direct materials used-Cutting 24,250 Direct materials used-stitching \\( \\theta \\) Direct labor Direct labor-Cutting \\( \\$ 20,600 \\) Direct labor-Stitching 82,400 Factory Overhead (Actual costs) Indirect materials used \\( \\$ 39,600 \\) Indirect labor used 57,000 other overhead costs 57,000 Factory Overhead Rates Cutting (150\\% of direct materials used) Stitching ( \120 of direct labor used) Sales \\( \\$ 656,000 \\) Verify the ending balance in raw materials inventory. Materials used should be indicated with a minus sign. \\begin{tabular}{|l|l|} \\hline Beginning Raw Materials Inventory & \\\\ \\hline & \\\\ \\hline Materials available for use & \\\\ \\hline & \\\\ \\hline & \\\\ \\hline Ending raw material inventory & \\( \\$ \\) \\\\ \\hline \\end{tabular} Trial Balance Cost of Goods Mfg Cutting 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. Prepare a schedule of cost of goods manufactured for the Stitching Department for the month of May