Required information The following information applies to the questions displayed below Sierra Company manufactures soccer balls in two sequential processes Cutting and Sutching. All direct materials enter production at the beginning of the Cutting process. The following formation available regarding its Mary inventories Beginning Ending ventory love Work in proces inventory-outeng 72.500 75.500 Work in proinventory 93,300 1.100 Fished goods inventory 26,100 The following additional information describes the company's production activities for May DETTO wateriais purchased on credit Directed-Cutting DATE terials used-stitching $40,000 22.300 DE LADO Dizet boring Direct lobortis Total factory Dayroll paid in a 11,100 40.400 263,300 TAG Overhead TAX The materials Indirect labore Other coats 31.100 55.600 30.000 to the CULO SON Sireer stered) SED 1200 ot ditec Isber 0276,000 Required: 1. Compute the amount of (a) production costs transferred from Cutting to Sunching. b) production costs transferred from Stching to finished goods, and cost of goods sold Work in Proces (WP). Cutting Work in Process (W) Stitching Finished Good GI ! 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 73,500 75,500 93,300 69,800 26,100 14,250 The following additional information describes the company's production activities for May. Dettecan Raw materials purchased on credit Direct materials used-Cutting Direct materials and stitching $440,000 22,500 0 ces Direct labor Direct labor cutting Direct labor-stitching Total tactory payroll paid (in cash) $ 17,100 68, 400 141, 100 Factory Overhead (Actual costs) Indirect materials used Indirect laborused other overhead costs $14.400 55,600 50,000 Factory Overhead Rates Cutting (1505 of direct materiala unod) Stitching (120% of direct labor used) Sales $376,000 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. () payment of factory payroll, (g) other overhead costs, (credit Other Accounts), (h) overhead applied, goods transferred from Cutting to Stitching, C) goods transferred from Stitching to finished goods, (k) cost of goods sold, and (1) sales View transaction list Journal entry worksheet 12 Record purchase of raw materials Note: Enter debts before credits General Journal Debit Credit Date May 31 Record entry Clear entry View general Journal 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, goods transferred from Stitching to finished goods, (k) cost of goods sold, and (1) sales View transaction list Journal entry worksheet Record direct labor cost incurred, but not yet paid. Nota: Enter debits before credits General Journal Debit Credit Date May 31 Record entry Clear entry View general Journal 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, () payment of factory payroll, (g) other overhead costs, (credit Other Accounts), (h) overhead applied, O goods transferred from Cutting to Stitching, goods transferred from Stitching to finished goods, (k) cost of goods sold, and (1) sales View transaction list Journal entry worksheet Record indirect labor cost incurred, but not yet paid. Note: twiter debits before credits General Journal Debit Credit Dato May 31 Record entry Clear entry View general Journal 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. (0 payment of factory payroll, (g) other overhead costs, (credit Other Accounts), (h) overhead applied, 0 goods transferred from Cutting to Stitching. C) goods transferred from Stitching to finished goods, (k) cost of goods sold, and (1) sales. View transaction list Journal entry worksheet Record payment of total factory payroll. Note: Thur debts before credit Date General Journal Debit Credit May 31 Record entry Clear entry View general journal 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. O 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 2 3 4 5 6 7 hos ...... 12 Record other overhead costs incurred (credit Other accounts), Note: Inter debits before credits General Journal Debit Credit Date May 31 Record entry Clear entry View general Journal 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, U goods transferred from Stitching to finished goods, (k) cost of goods sold, and (1) sales. View transaction list Journal entry worksheet 12 RE Record the transfer of completed products from production to finished goods inventory Note: Enter debits before credits General Joumal Debit Credit Date May 31 Record entry Clear entry View general Journal 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, goods transferred from Stitching to finished goods, (k) cost of goods sold, and (1) sales View transaction list Journal entry worksheet 1 5 67 8 9 10 11 12 > Record cost of goods sold for May Note: Enter debits before credits Date General Journal Debit Credit May 31 Record entry Clear entry View general Journal 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. (6) payment of factory payroll, (g) other overhead costs, (credit Other Accounts), (h) overhead applied, 0 goods transferred from Cutting to Stitching, C) goods transferred from Stitching to finished goods, (k) cost of goods sold, and (1) sales. View transaction list Journal entry worksheet