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: Beginning Ending Inventory Inventory Work in process inventory-Cutting 153,500 115,500 Work in process inventory-Stitching 173,300 94,600 Finished goods inventory 42,100 30,250 The following additional information describes the company's production activities for May. Direct materials Raw materials purchased on credit $80,000 Direct materials usedCutting 24,500 Direct materials usedStitching a Direct labor Direct laborCutting $ 21,100 Direct laborStitching 84,400 Total factory payroll paid (in cash) 162,700 Factory Overhead (Actual costs) Indirect materials used $43,200 Indirect labor used 57,200 Other overhead costs 58,000 Factory Overhead Rates Cutting (150% of direct materials used) Stitching (120% of direct labor used) Sales $696,000 Required: 1. Compute the amount of (a) production costs transferred from Cutting to Stitching, (b) production costs transferred from Stitching to finished goods, and (c) cost of goods sold