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 43,500 51,500 63,300 60,500 20,100 8,250 The following additional information describes the company's production activities for May Direct materials Raw materials purchased on credit $ 25,000 Direct materials used-cutting 21,750 Direct materials used-stitching 0 Direct labor Direct labor-Cutting Direct labor-stitching Total tactory payroll paid (in canh) $15,600 62.400 133.000 Tactory Overhead thetual costa) Todirect materials used Indirect labor used Other overhead coats $6.000 55,000 47,000 Pactory Overhead Rates Cutting (1508 of direct materials used) Stitching (1201 of direct labor used) Sales $256.000 Required: 1. Compute the amount of (o) production costs transferred from Cutting to Stitching. (b) production costs transferred from Stitching to finished goods, and (c) cost of goods sold. Ignore any over- or under-applied overhead in the calculation of cost of goods sold. Work in Process (WIP) - Cutting Work in Process (WIP) - Stitching Finished Goods (FG) &