Prepare journal entries for the month of May's transactions. Record the purchase of materials (on credit). 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 \begin{tabular}{|c|c|c|c|c|c|c|c|c|c|} \hline \multicolumn{10}{|c|}{ General Ledger Account } \\ \hline \multicolumn{5}{|c|}{ Cash } & \multicolumn{5}{|c|}{ Accounts receivable } \\ \hline \multirow[t]{2}{*}{ No. } & Date & Debit & Credit & Balance & No. & Date & Debit & Credit & Balance \\ \hline & April 30 & & & 390,000 & & April 30 & & & 84,000 \\ \hline \multicolumn{5}{|c|}{ Raw materials inventory } & \multicolumn{5}{|c|}{ Work in process inventory - stitching } \\ \hline \multirow[t]{2}{*}{ No. } & Date & Debit & Credit & Balance & No. & Date & Debit & Credit & Balance \\ \hline & April 30 & & & 101,000 & & & & & 253,300 \\ \hline \multicolumn{5}{|c|}{ Finished goods inventory } & \multicolumn{5}{|c|}{ Work in process inventory-Cutting } \\ \hline \multirow[t]{2}{*}{ No. } & Date & Debit & Credit & Balance & No. & Date & Debit & Credit & Balance \\ \hline & Aprid 30 & & & 210,100 & & E & & & 233,500 \\ \hline \multicolumn{5}{|c|}{ Factory Equipment } & \multicolumn{5}{|c|}{ Accumulated depreciation - Factory equipment } \\ \hline \multirow[t]{2}{*}{ No. } & Date & Debit & Credit & Balance & No. & Date & Debit & Credit & Balance \\ \hline & April 30 & & & 120,000 & & April 30 & & & 24,000 \\ \hline \multicolumn{5}{|c|}{ Accounts payable } & \multicolumn{5}{|c|}{ Common stock, $5 par value } \\ \hline \multirow[t]{2}{*}{ No. } & Date & Debit & Credit & Balance & No. & Date & Debit & Credit & Balance \\ \hline & April 30 & & & 932,200 & & April 30 & & & 68,000 \\ \hline \multicolumn{5}{|c|}{ Paid-in capital in excess of par - Common } & \multicolumn{5}{|c|}{ Retained earnings } \\ \hline \multirow[t]{2}{*}{ No. } & Date & Debit & Credit & Balance & No. & Date & Debit & Credit & Balance \\ \hline & April 30 & & & 62,000 & & April 30 & & & 305,700 \\ \hline \end{tabular} Other overhead costs 66,000 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. \begin{tabular}{|c|c|c|c|c|c|c|c|c|c|} \hline \multirow[t]{2}{*}{ Requirement } & \multirow[t]{2}{*}{\begin{tabular}{l} General \\ Journal \end{tabular}} & \multirow[t]{2}{*}{\begin{tabular}{l} General \\ Ledger \end{tabular}} & \multirow[t]{2}{*}{ Trial Balance } & \multirow[t]{2}{*}{\begin{tabular}{c} Raw \\ Materials \end{tabular}} & \multirow[t]{2}{*}{\begin{tabular}{c} Cost of \\ Goods Mfg \\ Cutting \end{tabular}} & \multirow{2}{*}{\begin{tabular}{c} Cost of \\ Goods Mfg \\ Stitching \\ Dates: \end{tabular}} & \begin{tabular}{l} Cost of \\ Goods Sold \end{tabular} & Gross Profit & \multirow[b]{2}{*}{ pril 30} \\ \hline & & & & & & & pril 30 & to: A1 & \\ \hline \multicolumn{10}{|c|}{ Sweet Company } \\ \hline \multicolumn{10}{|c|}{ Trial Balance } \\ \hline \multicolumn{10}{|c|}{ April 30,2022} \\ \hline \multicolumn{6}{|c|}{ Account Title } & & \multicolumn{2}{|c|}{ Debit } & Credit \\ \hline Cash & & & & & & & s & 390,000 & \\ \hline \multicolumn{6}{|c|}{NAccountsrecervable} & & & 84,000 & \\ \hline \multicolumn{6}{|c|}{WRawmaterialsinventory} & & & 101,000 & \\ \hline \multicolumn{6}{|c|}{ Work in process inventory - Stitching } & & & 253,300 & \\ \hline \multicolumn{6}{|c|}{ Finished goods inventory } & & & 210,100 & \\ \hline \multicolumn{6}{|c|}{ Work in process inventory -Cutting } & & & 233,500 & \\ \hline \multicolumn{6}{|c|}{ Q Faciory Equipment } & & & 120,000 & \\ \hline \multicolumn{6}{|c|}{ Accumulated deprociation - Factory equipment } & & & & 24,000 \\ \hline \multicolumn{6}{|c|}{ Accounts payablo } & & & & 932,200 \\ \hline \multicolumn{6}{|c|}{ Common stock, $5 par value } & & & & 68,000 \\ \hline \multicolumn{6}{|c|}{ Q Paid in capital in excess of par - Common } & & & & 62,000 \\ \hline \multicolumn{6}{|c|}{ Retained eamings } & & & & 305,700 \\ \hline \multicolumn{6}{|l|}{ Total } & & 5 & 1,391,900s & 1,391,900 \\ \hline \end{tabular} cutting (150\% of direct materials used) (12ex of direct labor used) Prepare a schedule of cost of goods manufactured for the Stitching Department for the month of May. Indirect labor used other oyerhead costs 58,80066,000 Prepare a schedule of cost of goods manufactured for the Cutting Department for the month of May. Sweet Company manufactures soccer balis 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 inventorles: The following additional Information describes the company's production activities for May. Calculate the value of gross profit for the month of May. Indirect labor used other overhead costs Prepare journal entries for the month of May's transactions. 7 Record the application of overhead at a rate of 150% of direct materials costs (Cutting) and 120% of direct labor cost (Stitching). 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. Note : = journal entry has been entered