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 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 $ 25,000 21,750 0 $ 15,600 62,400 $ 6,000 $5,000 46,505 (150% of direct materials used) Cutting Stitching Sales (150% of direct materials used) (120% of direct labor used) $ 256,000 General Requirement Journal General Ledger Trial Balance Raw Materials Cost of Cost of Goods Mfg Goods Mfg Cutting 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 > Requirement Journal Midi Daldive Ledger Materials Cools Pily Cutting Goods Sold BLUSS PEVU Stitching 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 " 11 > Account Title Debit Credit di CardIILE Journal Ledger Materials Goods my Cutting wwws Py Stitching Goods Sold USS PRO Dates: April 30 to: April 30 General Ledger Account Cash Accounts receivable No. Date April 30 Debit Credit Balance No. 200,000 Date April 30 Debit No.. Date April 30 No. Date April 30 Raw materials inventory 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 20,100 Factory Equipment Debit Credit Balance 43.500 Accumulated depreciation Factory equipment Credit Balance No. 25.000 Date April 30 Debit No. Date April 30 Debit Accounts payable Credit Common stock, $5 par value Balance 5.000 No. Date Debit Credit Balance No. Date Debit Credit Balance April 30 6,000 63,300 No. Date April 30 Finished goods inventory Debit Credit Balance No. Date Work in process inventory-Cutting Debit Credit Balance 20,100 43,500 Factory Equipment Accumulated depreciation Factory equipment No. Date: Debit April 30 Credit Balance No. 25,000 Date April 30 Debit Credit Balance 5,000 Accounts payable Common stock, $5 par value No. Date Debit Credit Balance No. April 30 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 ces Requirement General Journal General Ledger Trial Balance Raw Materials Goods Mfg Cutting QUAL ME Goods Mfg Stitching Cast of Goods Sold Dates: April 30 Sierra Company Trial Balance April 30, 2022 Account Title 4444 Cash Accounts receivable Raw materials inventory Work in process inventory-Stitching Finished goods inventory Work in process inventory-Cutting Factory Equipment 4 Accumulated depreciation - Factory equipment Accounts payable Common stock $5 par value Paid-in capital in excess of par - Common Retained earnings Total Gross Profit to: April 30 Debit 200,000 Credit 8,000 6,000 63,300 20,100 43,500 25,000 5,000 75,500 30,000 24,000 231,400 365.900 S 365,900 Factory Overhead Rates Cutting Stitching Sales (150% of direct materials used) (120 % of direct labor used) $ 256,000 Requirement General Journal Cost of General Ledger Trial Balance Raw Materials Goods Mfg Cutting Cost of Goods Mfg Stitching Cost of Goods Sold 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 Trial Balance Cost of Goods Mfg Cutting > 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 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 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 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 4 to: April 30 + 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 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: April 30 to: April 30 Calculate cost of goods sold: Beginning finished goods inventory Cost of goods manufactured Cost of goods available for sale $ 20,100 202,055 222,155 Ending finished goods inventory Cost of goods sold (8.250) $ 213.905 < Cost of Goods Mfg Stitching Gross Profit > 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 Calculate the value of gross profit for the month of May. Gross Profit S Dates: April 30 to: April 30