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 materials enter production at the beginning of the Cutting process. The following information is available regarding its May inventories: Work in process inventory-Cutting Work in process inventory-Stitching Finished goods inventory Beginning Inventory 153,500 173,300 42,100 Ending Inventory 115, see 94.669 30,250 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 $ 80,000 24,500 Direct labor Direct labor-cutting Direct labon-stitching Total factory payroll paid (in cash) $ 21,100 34.400 162,700 Factory Overhead (Actual costs) Indirect materials used Indirect Tahor niend 4,200 Direct materials Raw materials purchased on credit Direct materials used-Cutting Direct materials used-stitching $ 80,000 24,500 Direct labor Direct labor-Cutting Direct labor-stitching Total factory payroll paid (in cash) $ 21,100 84,400 162,700 Factory Overhead (Actual costs) Indirect materials used Indirect labor used Other overhead costs $ 43,200 57,200 58,000 Factory Overhead Rates Cutting (150% of direct materials used) Stitching (120% of direct labor used) Sales $696,000 Journal entry worksheet Record the transferred costs of partially completed goods. Note: Enter debits before credits. Debit Debit Credit Date May 31 General Journal Work in process inventory-Stitching Work in process inventory--Cutting Record entry Clear entry View general journal Journal entry worksheet O ..... 0 0 0 0 0 19 @ @ Record the transfer of completed products from production to finished goods inventory. Note: Enter debits before credits. Date Debit Credit May 31 General Journal Finished goods inventory Work in process inventory-Stitching Record entry Clear entry View general journal Journal entry worksheet