Required Information 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 materiais 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 73,50 75,500 work in process inventory stitching 93,300 69,500 Finished goods Inventory 26,100 14,250 The following additional information describes the company's production activities for May. Direct materials Raw materials purchased on credit $ 40,00 Direct materials used-cutting 22,500 Direct materials used-stitching Direct labor Direct labor-Cutting Direct labor-stitching Total factory payroll paid (in cash) $ 17,100 69,40 141,100 Factory overhead (actual costs) Indirect materials used Indirect labor used other overhead costs $ 14,400 55,600 50,000 Factory Overhead Rates Cutting (1sex of direct saterials used) stitching (120% of direct labor used) Sales $376,000 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 Suitching. On goods transferred from Suitching to finished goods, (k) cost of goods sold, and (t) sales