Serra Company manufactures soccer balls in two sequential processes: Cutting and Stitching. All direct materials enter production et the beginning of the Cutting process. The following information is available regarding its May inventories: Raw materials inventory Work in process inventory-cutting Work in process Inventory-stitching Finished goods inventory Beginning Ending Inventory Inventory $ 6,000 $3,250 43,500 $1,500 63,300 60,500 20.100 9,250 The following additional information describes the company's production activities for May. Direet materials Raw materials purchased on credit Direct materials used-Cutting Direct materials used-stitching $ 25,000 21,750 0 Diret labor Direct labor-cutting Direct labor-stitching Total factory payroll paid (in cash) 15,600 62,400 133.000 Tactory Overhead thet al costa) Indirect materials used Indirect labor used Other overhead coats $ 6,000 55,000 47.000 Tactory Overhead Rates Cutting (1508 of direct materials used) Stitching (1208 of direct labor used) 9256,000 Prov 1 of 1 Next Indirect materials used Indirect labor used Other overhead costs $ 6,000 55,000 47,000 tory Overhead Raten Cutting (1508 of direct materials used) Bitching (120of direct labor used) Sales $256.000 Answer is not complete. General General Cost of Cost of Requirement Raw Journal Tral Balance Cost of Ledger Materials Goods Mfg Goods Mig Goods Sold Gross Profit Cutting Stitching Verify the ending balance in raw materials inventory. Enter the amount of materials used as negative values. Beginning Raw Materials Inventory Materials available for use Ending raw material inventory 0 Tral Balan Cost of Good Mg Cutting > Prov 1 of 1 Next MacBook Air 2 20 000 000 tas 13 @ # A * 2 $ 4 3 % 5 & 7 6 8 9 0 W E Q T Y U 0 Factory Orchand (hatual conta) Indirect materials used Indirect labor used Other overhead costo $ 6,000 55,000 47,000 Tactory Overhend maten Cutting (1508 of direct materials used) tilteking (120of direct labor used Salon $256,000 Gross Profit General General Raw ost of Cost of Cost of Journal Ledger Trial Balance Materials Goods Mfg Goods Mfg Cutting Goods Sold Stitching Prepare a schedule of cost of goods manufactured for Sierra Company for the month of May. Dates: Apr 30 to: Apr 30 Total manufacturing costs added during Mary Total cost of work in process (Raw Materials Coulf Goods Migching > Prev 1 of 1 Next MacBook Air 80 O00 2 F7 19 A 23 3 $ 4 % 5 & 7 * 00 6 9 V E R T Y C Factory Orchestratus sota Indirect materials used Indirect Tabor und Other overhead coate $ 6,000 55,000 47.000 Factory Overhend Rates sitting (1508 of direct materials used) ing (1201 of direct laborund 8256,000 General General Raw Cost of Cost of Trial Balance Cost of Journal Ledger Materials Goods Mfg Goods to Goods Sold Gross Profit Cutting Suitching Prepare a schedule of cost of goods manufactured for Sierra Company for the month of May. Dates: Apr 30 to: Apr 30 Total manufacturing consided during May Total cost of work in process 83,300 63,300 160.500) 2100 Cost of goodsmanutactured Prev 1 of 1 Next MacBook Air 80 DOG F3 OBO FS VE 12 %23 # 3 A $ 4 % 5 6 & 7 8 9 E R T T Y U 0 PROTOCY Overhead Chat Indirect materials used Indirect lahor used Other overhead costs $6,000 55,000 47,000 Pactory Overhead Eater Cutting (1508 of direct materials used) stitching (1200 of direct laborused) Salon $256.000 General General Raw Cost of Cost of Cost of ment Journal Ledger Trial Balance Materials Goods Mfg Goods Mfg Goods Sold Gross Profit Cutting Stitching Calculate the value of cost of goods sold for the month of May. Ignore any over- or underapplied overhead in the calculation of cost of goods sold. Dates: Apr 30 to: Apr 30 Calculate cost of goods soldi Cost of goods available for sale Cost of goods sold $ 213,905 Prov 1 of 1 Next MacBook Air 80 OGO GOD F 3 FS # * > 3 $ 4 % 5 & 7 6 8 9 W E R T Y U titching (120% of direct labor used) $256,000 Cost of General General Raw Sement Journal Ledger Trial Balance Materials Goods Mfg Cutting Calculate the value of gross profit for the month of May. Cost of Goods Mfg Stitching Cost of Goods Sold Gross Profit Dates: Apr 30 to: Apr 3 Gross Profit $ 256,000 (213,905) 42,095 $ Cost of Goods Sold Prev 1 of 1 Next MacBook Air 80 DOO 73 COD F 22 F5 >> #3 $ A * 4 % 5 6 & 7 8 9 E R T Y No Dato Account Title Credit Dobit 25,000 1 May 31 Raw materials inventory Accounts payable 25,000 2 May 31 21,750 Work in process inventory--Cutting Raw materials inventory 21,750 May 31 6,000 Factory overhead Raw materials inventory O 6,000 May 31 Work in process inventory-Cutting Work in process inventory Stitching >> 15,600 62,400 78,000 5 May 31 55,000 Factory overhead Accounts payable Factory wages payable 55,000 * 6 May 31 Factory wagos payable 133,000 glo Cash 133,000 7 May 31 47,000 Factory overhead Other accounts 47,000 8 May 31 Work in process inventory-Cutting Work in process inventory-Sttching Factory overhead 32,625 74.880 107,505 Prev 1 of 1 Next MacBook Air