Required Information [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 Ending Inventory Inventory 163,588 128,500 183,388 97,788 44,100 32,250 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 Direct labor Direct labor-Cutting Direct labor-Stitching Total factory payroll paid (in cash) $ 85,000 24,758 $ 21,600 86,400 165,400 Factory Overhead (Actual costs) Indirect materials used $ 46,800 Indirect labor used 57,488 Other overhead costs 59,808 (158% of direct materials used) Factory Overhead Rates Cutting Stitching Sales (12% of direct labor used) $736,000 Required: 1. Compute the amount of (s) production costs transferred from Cutting to Stitching, (b) production costs transferred from Stitching to finished goods, and (c) cost of goods sold. Work In Process (WIP) - Cutting Work in Process (WIP) - attohing Finished Goods (FG)