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: Beginning Ending Inventory Inventory Work in process inventory-Cutting 53,500 65,500 Work in process inventory-stitching 73,300 63,600 Finished goods inventory 22,100 10, 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 $ 30,000 22,000 D Direct labor Direct labor-Cutting Direct labor-Stitching Total factory payroll paid (in cash) $ 16,100 64,400 135,700 Factory Overhead (Actual costs) Indirect materials used Indirect labor used Other overhead costs $ 7,200 55,200 48,000 Factory Overhead Rates Cutting (1508 of direct materials used) Stitching (120% of direct labor used) Sales $296,000 Required: 1. Compute the amount of (a) 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) - Stitching Finished Goods (FG) Required: 1. Compute the amount of (a) production costs transferred from Cutting to St finished goods, and (c) cost of goods sold. Work in Process (WIP) - Cutting C of GM - Cutting C of GM - Stitching Cost of goods sold Direct labor - Cutting -S Direct labor - Stitching Work in Process (WIP) - Stitching Direct materiale.Cutting Finished Goods (FG)