Required information The following information applies to the questions displayed below) Serra 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 informations available regarding its May inventories Being Ch ventory Inventory Work in proces inventory.cutting 53,500 Work in proces Inventory Stitchin 21.00 63.600 Finished to inventory 22.100 10,20 The following additional information describes the company's production activities for May Direct water Raumaterials purchased on credit $ 30,00 Direct materials used Cuttint 22.000 Direct materials used-stitching Direct Tator Direct latron-cuttin Direct labor-stitching Total factory payroll paid (in cash) $ 16,100 64,000 135,700 Factory Overhead (Actual costs) Indirect materials used Indirect labor used Other overhead costs 57,200 55,200 48,000 Factory Overhead Rates cutting (150% of direct materials used) Stitching (120% of direct labor used) Sales $296,000 Required: 1. Compute the amount of production coststransferred tom Cutting to stitching production costo transferred trom Sutching to finished goods and (c) cost of goods sold Work in Process Cutting Work in Process (WIP) Stitching Finished Goods (FG)