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: Raw materials inventory work in process inventory-Cutting Work in process inventory-Stitching Finished goods inventory Beginning Inventory Ending Inventory $ 6,000 $ 9,250 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 A Direct materials used-Cutting 21,750 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 $ 15,600 62,400 $6,000 55,000 46,505 (150% of direct materials used) Factory Overhead Rates Cutting Stitching Sales (150% of direct materials used) (120% of direct labor used) $ 256,000 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 Sierra 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 Sierra 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 General Ledger tab. Trial Balance tab - General ledger software also automates the preparation of trial balances. A trial balance lists each account from the General Ledger, along with its balance, either a debit or a credit. Total debits should always equal total credits. Raw Materials tab Calculate the total cost of direct materials used in production during May. Cost of Goods Manufactured Cutting and Stitching tab - Prepare a schedule of cost of goods manufactured for Sierra Company for the month of May. Cost of Goods Sold tab - Prepare a schedule of cost of goods sold for Sierra Company for the month of May. Gross Profit tab - Calculate the gross profit on sales for May. General Journal Cost of Cost of Requirement General Journal General Ledger Trial Balance Raw Materials Goods Mfg Cutting Goods Mfg Stitching Cost of Goods Sold Gross Profit Prepare journal entries for the month of May's transactions. View transaction list Journal entry worksheet < 1 2 3 4 5 6 7 8. Record the purchase of materials (on credit). Note: Enter debits before credits. Date May 31 F 11 > Account Title Debit Credit Requirement General Journal General Ledger Trial Balance Raw Materials Cost of Goods Mfg Cost of Goods Mfg Cost of Goods Sold Gross Profit Cutting Stitching Dates: April 30 to: April 30 General Ledger Account Cash No. Date April 30 Debit Credit Balance No. 200,000 Date April 30 No. Date April 30 No. Date April 30 Raw materials inventory Debit Accounts receivable Debit Credit Balance 8,000 Work in process inventory-Stitching Credit Balance No. Date 6,000 Finished goods inventory Debit Debit Credit Balance 63,300 Work in process inventory-Cutting Credit Balance No. Date Debit Credit Balance 20.100 43,500 Factory Equipment No. Date April 30 Debit Accumulated depreciation Factory equipment Credit Balance No. 25,000 Date: April 30 Debit Credit Balance 5.000 Factory Equipment No. Date Debit April 30 Accumulated depreciation Factory equipment Credit Balance No. 25,000 Date April 30 Debit Accounts payable Credit Common stock, $5 par value Balance 5,000 99 No. Date April 30 Debit Credit Balance No. 75,500 Date April 30 Debit Credit Balance 30,000 Paid-in capital in excess of par - Common Retained earnings No. Date: April 30 Debit Credit Balance No. 24.000 Date April 30 Debit Credit Balance 231,400 < General Journal Trial Balance > Requirement General naw LUSL UI Journal Ledger Trial Balance Materials Goods Mfg Cutting Goods Mfg Stitching Gross Profit Goods Sold Dates: April 30 to: April 30 Sierra Company Trial Balance April 30, 2022 Account Title 44 Cash Accounts receivable Raw materials inventory Work in process inventory-Stitching Finished goods inventory Work in process inventory-Cutting Factory Equipment Accumulated depreciation - Factory equipment Accounts payable Common stock, $5 par value Paid-in capital in excess of par- Common Retained earnings Total Debit Credit $ 200,000 8,000 6,000 63,300 20,100 43,500 25.000 5.000 75,500 30,000 24,000 231,400 S 365,900 $ 365,900 Sales $ 256,000 Requirement General Journal General Trial Balances Ledger Raw Materials Cost of Goods Mfg Cutting Cost of Cost of Goods Mfg Goods Sold Stitching Gross Profit Verify the ending balance in raw materials inventory. Materials used should be indicated with a minus sign. Beginning Raw Materials Inventory Materials available for use Ending raw material inventory Sales $ 256,000 General Requirement Journal General Ledger Trial Balance Raw Materials Cost of Goods Mfg Cutting Cost of Goods Mfg Stitching Cost of Goods Sold Gross Profit Prepare a schedule of cost of goods manufactured for the Cutting Department for the month of May. Total manufacturing costs added during May Total cost of work in process Dates: April 30 to: April 30 Sag Sales $ 256,000 LACUS IULIELL LOUD UScu Requirement General Journal General Ledger Cost of Trial Balance Raw Materials Goods Mfg Cutting Cost of Goods Mfg Stitching Cost of Goods Sold Gross Profit to: April 30 Prepare a schedule of cost of goods manufactured for the Stitching Department for the month of May. Total manufacturing costs added during May Total cost of work in process Dates: April 30 13 Requirement General Journal General Ledger Trial Balance Raw Materials Cost of Goods Mfg Cutting Cost of Goods Mfg Cost of Goods Sold Gross Profit 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. Calculate cost of goods sold: Cost of goods available for sale Dates: April 30 to: April 30 Cost of goods sold SEARCH Sales $ 256,000 Requirement General Journal General Ledger Trial Balance Raw Materials Cost of Goods Mfg Cutting Cost of Goods Mfg Stitching Calculate the value of gross profit for the month of May. Gross Profit