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 Ending Inventory Inventory $ 6,000 $ 3,250 43,500 51,500 63,300 60,500 20,198 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 $25,000 21,750 Direct labor Direct labor-Cutting Direct labor-Stitching Total factory payroll paid (in cash) $ 15,6ee 62,400 133,000 Factory Overhead (Actual costs) Indirect materials used Indirect labor used Other overhead costs $6,000 55,000 47,600 Factory Overhead Rates Cutting (150% of direct materials used) Stitching (120% of direct labor used) Sales $256,000 Dates: Apr 30 to: Apr 30 General Ledger Account Cash Accounts receivable No. Debit Credit No. Debit Credit Date Apr 29 May 31 Balance 200,000 67,000 Date Apr 30 Balance 8,000 14 6 133,000 Raw materials inventory Debit Credit Work in process inventory-Stitching Date Debit Credit No. No. Dato Apr 29 May 31 May 31 May 31 Balance 63,300 125,700 200.580 25,000 Balance 6,000 31.000 9.250 3,250 1 2 3 4 May 31 May 31 62,400 74,880 8 21,750 6,000 Finished goods Inventory Debit Credit Work in process inventory-Cutting Date Debit Credit No. No Date Apr 29 Balance 20,100 2 4 8 May 31 May 31 May 31 21,750 15,600 32.625 Balance 43,500 65,250 80,850 113,475 Factory overhead Debit Credit Factory Equipment Debit Credit No. Balance No. Date Apr 29 Balance 25,000 3 Date Apr 29 May 31 May 31 May 31 May 31 5 7 6,000 55.000 47,000 0 6,000 61,000 108,000 495 8 107,505 st nces Accumulated depreciation - Factory equipment Date Debit Credit Balance Apr 29 5,000 Accounts payable Debit Credit No. No. Date Apr 29 May 31 Balance 75,500 100,500 1 25,000 Other accounts Factory wages payable Debit Credit No. Date Dobit Credit Balance No. Date Balance 0 0 7 7 47,000 May 31 47,000 4 May 31 May 31 May 31 78,000 55.000 5 78,000 133,000 0 6 133,000 Accumulated depreciation - Factory equipment Date Debit Credit Balance Apr 29 5,000 No. Accounts payable Debit Credit No. Date Apr 29 May 31 Balance 75,500 100,500 1 25,000 Other accounts Debit Credit Factory wagos payable Debit Credit No. Date Balance No. Date Balance 0 0 7 47,000 May 31 47,000 4 May 31 May 31 May 31 78,000 55,000 5 78,000 133,000 0 6 133,000 Common stock, $5 par value Debit Credit No. No. Date Apr 29 Balance 30,000 Pald-in capital in excess of par - Common Date Debit Credit Apr 30 Balance 24,000 Retained earnings Debit Credit No. Date Apr 29 Balance 231,400 Factory Overhead Rates Cutting (1584 of direct materials used Stitching (120% of direct labor used) Sales $256,000 Requirement General Journal General Ledger Trial Balance Raw Materials Gross Profit Cost of Cost of Cost of Goods Mfg Goods Mfg Goods Sold Cutting Stitching Dates: Apr 30 to: Apr 30 General Ledger Account Cash Accounts receivablo No. Date Debit Credit No. Debit Credit Balance 200,000 67.000 Date Apr 30 Balance 8,000 Apr 29 May 31 6 133,000 Raw materials inventory Debit Credit Work in process inventory Stitching Date Debit Credit No. Balance No. 6,000 Date Apr 29 May 31 May 31 Mow Balance 63,300 125,700 200,580 1 25,000 4 May 31 May 31 31.000 9,250 gen 62,400 74,830 2 21,750 Ann 8 Trial Balance April 30, 2018 Account Title Debit Credit $ 67,000 264.000 3,250 60,500 8,250 51,500 495 25,000 Cash Accounts receivable Raw materials inventory Work in process inventory-Stitching Finished goods inventory Work in process inventory--Cutting Factory overhead Factory Equipment Accumulated depreciation - Factory equipment Accounts payable Other accounts Common stock, $5 par value Pald-in capital in excess of par. Common Retained earnings Salos Cost of goods sold Total 5,000 100,500 47,000 30,000 24,000 231,400 256,000 DA 213,905 693,900 $ $ 693,900 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 Ending Inventory Inventory $ 6,000 $ 3,250 43,500 51,500 63,300 60,500 20,198 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 $25,000 21,750 Direct labor Direct labor-Cutting Direct labor-Stitching Total factory payroll paid (in cash) $ 15,6ee 62,400 133,000 Factory Overhead (Actual costs) Indirect materials used Indirect labor used Other overhead costs $6,000 55,000 47,600 Factory Overhead Rates Cutting (150% of direct materials used) Stitching (120% of direct labor used) Sales $256,000 Dates: Apr 30 to: Apr 30 General Ledger Account Cash Accounts receivable No. Debit Credit No. Debit Credit Date Apr 29 May 31 Balance 200,000 67,000 Date Apr 30 Balance 8,000 14 6 133,000 Raw materials inventory Debit Credit Work in process inventory-Stitching Date Debit Credit No. No. Dato Apr 29 May 31 May 31 May 31 Balance 63,300 125,700 200.580 25,000 Balance 6,000 31.000 9.250 3,250 1 2 3 4 May 31 May 31 62,400 74,880 8 21,750 6,000 Finished goods Inventory Debit Credit Work in process inventory-Cutting Date Debit Credit No. No Date Apr 29 Balance 20,100 2 4 8 May 31 May 31 May 31 21,750 15,600 32.625 Balance 43,500 65,250 80,850 113,475 Factory overhead Debit Credit Factory Equipment Debit Credit No. Balance No. Date Apr 29 Balance 25,000 3 Date Apr 29 May 31 May 31 May 31 May 31 5 7 6,000 55.000 47,000 0 6,000 61,000 108,000 495 8 107,505 st nces Accumulated depreciation - Factory equipment Date Debit Credit Balance Apr 29 5,000 Accounts payable Debit Credit No. No. Date Apr 29 May 31 Balance 75,500 100,500 1 25,000 Other accounts Factory wages payable Debit Credit No. Date Dobit Credit Balance No. Date Balance 0 0 7 7 47,000 May 31 47,000 4 May 31 May 31 May 31 78,000 55.000 5 78,000 133,000 0 6 133,000 Accumulated depreciation - Factory equipment Date Debit Credit Balance Apr 29 5,000 No. Accounts payable Debit Credit No. Date Apr 29 May 31 Balance 75,500 100,500 1 25,000 Other accounts Debit Credit Factory wagos payable Debit Credit No. Date Balance No. Date Balance 0 0 7 47,000 May 31 47,000 4 May 31 May 31 May 31 78,000 55,000 5 78,000 133,000 0 6 133,000 Common stock, $5 par value Debit Credit No. No. Date Apr 29 Balance 30,000 Pald-in capital in excess of par - Common Date Debit Credit Apr 30 Balance 24,000 Retained earnings Debit Credit No. Date Apr 29 Balance 231,400 Factory Overhead Rates Cutting (1584 of direct materials used Stitching (120% of direct labor used) Sales $256,000 Requirement General Journal General Ledger Trial Balance Raw Materials Gross Profit Cost of Cost of Cost of Goods Mfg Goods Mfg Goods Sold Cutting Stitching Dates: Apr 30 to: Apr 30 General Ledger Account Cash Accounts receivablo No. Date Debit Credit No. Debit Credit Balance 200,000 67.000 Date Apr 30 Balance 8,000 Apr 29 May 31 6 133,000 Raw materials inventory Debit Credit Work in process inventory Stitching Date Debit Credit No. Balance No. 6,000 Date Apr 29 May 31 May 31 Mow Balance 63,300 125,700 200,580 1 25,000 4 May 31 May 31 31.000 9,250 gen 62,400 74,830 2 21,750 Ann 8 Trial Balance April 30, 2018 Account Title Debit Credit $ 67,000 264.000 3,250 60,500 8,250 51,500 495 25,000 Cash Accounts receivable Raw materials inventory Work in process inventory-Stitching Finished goods inventory Work in process inventory--Cutting Factory overhead Factory Equipment Accumulated depreciation - Factory equipment Accounts payable Other accounts Common stock, $5 par value Pald-in capital in excess of par. Common Retained earnings Salos Cost of goods sold Total 5,000 100,500 47,000 30,000 24,000 231,400 256,000 DA 213,905 693,900 $ $ 693,900