Richards Company manufactures soccer balls in two sequential processes: Cutting and Stitching. All direct materials ente at the beginning of the Cutting process. The following information is available regarding its May inventories: Beginning Inventory Ending Inventory Raw materials inventory Work in process inventory-Cutting Work in process inventory-Stitching Finished goods inventory $ 96,000 $ 116,350 223,500 243,300 60,500 150,500 200,100 44,250 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 Factory Overhead (Actual costs) Indirect materials used Indirect labor used Other overhead costs Factory Overhead Rates Cutting Stitching Sales $ 115,000 26,250 0 $ 24,600 98,400 $ 68,400 58,600 65,000 (150% of direct materials used) (120% of direct labor used) $ 976,000 Requirement General Journal General Ledger Trial Balance Raw Materials Cost of Goods Mfg Cutting Cost of Goods Mfg Stitching Cost of Goods Sold Gross Profit General Journal tab - Journalize the transactions related to Richards Company's manufacturing of soccer balls. The General Ledger and Trial Balance will be updated based on your entries. Prepare journal entries to record the transactions of Richards Company during the month of May. General Ledger, tab - One of the advantages of general ledger software is that posting is done automatically. To see the detail of all transactions that affect a specific account, or the balance in an account at a specific point in time, click on the < Prev 3 of 3 Ne