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 73,500 75,508 Work in process inventory-Stitching 93,300 69,808 Finished goods inventory 26,180 14,250 The following additional Information describes the company's production activities for May. Direct materials Raw materials purchased on credit $ 40,000 Direct materials used-Cutting 22,500 Direct materials used-Stitching Direct labor Direct labor-Cutting Direct labor-Stitching Total factory payroll paid (in cash) $ 17,100 68,400 141, 100 Factory Overhead (Actual costs) Indirect materials used Indirect labor used Other overhead costs $ 14,400 55,600 50,000 Factory Overhead Rates Cutting (150% of direct materials used) Stitching (120% of direct labor used) Sales $376,000 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. Work in Process (WIP) - Cutting Work In Process (WIP) - Stitching Finished Goods (FG)