Problem 03-1A Production cost flow and measurement; journal entries LO P1, P2, P3, P4 [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 Ending Inventory Inventory Work in process inventory-Cutting 203,500 140,500 Work in process inventory-Stitching 223, 380 110,100 Finished goods inventory 52,100 40,250 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 $105,000 25,750 Direct labor Direct labor-Cutting Direct labor-Stitching Total factory payroll paid (in cash) $ 23,600 94,400 176,200 Factory Overhead (Actual costs) Indirect materials used Indirect labor used Other overhead costs $ 61,200 58,200 63,000 Problem 03-1A Part 2 2. Prepare summary journal entries dated May 31 to record the following production activities during May: (a) raw materials purchases, (b) direct materials usage, (c) Indirect materials usage, (d) direct labor costs incurred, (e) indirect labor costs incurred. (1) payment of factory payroll. (g) other overhead costs. (credit Other Accounts), (h) overhead applied. () goods transferred from Cutting to Stitching, (1) goods transferred from Stitching to finished goods, (k) cost of goods sold, and (1) sales. View transaction list Journal entry worksheet 8 10 11 12 > Record the sale of finished goods Note: Enter debits before credits Date Debit Credit May 31 General Journal Accounts receivable Sales G