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: Ending Inventory Beginning Inventory $ 6,000 $ 9,250 43,500 51,500 63,300 60,500 20,100 8,250 Raw materials inventory Work in process inventory-Cutting Work in process inventory-Stitching Finished goods inventory 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 $ 25,000 21,750 0 $ 15,600 62,400 $ 6,000 55,000 46,505 (150% of direct materials used) (120% of direct labor used) $ 256,000 Calculate the value of gross profit for the month of May. Dates: Apr 30 to: Apr 30 Gross Profit $ 256,000 (213,905) Apr 30 Apr 30 May 31 Apr 30 < Cost of Goods Sold Gross Profit 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. Calculate cost of goods sold: Cost of goods available for sale Dates: Apr 30 to: Apr 30 Cost of goods sold $ 213,905 < Cost of Goods Mfg Stitching Gross Profit >