Sierra company manufactures soccer balls in two sequential processes: cutting and stitching. All direct magerials enter production at the beggining of the cutting process. The following information is available regarding its May inventories.

GL1601 - Based on Problem 16-5A (Static) Sierra Company LO P3, P4 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 avallable regarding its May inventories: The following additional information describes the company's production activities for May. Prepare journal entries for the month of May's transactions. Record overhead costs paid in cash. Record the application of overhead at a rate of 150% of direct materials costs (Cutting) and 120% of direct labor cost (Stitching). Record the transferred costs of partially completed goods. Record the transfer of production to finished goods, as calculated on the Cost of Goods Manufactured tab. Record the sale of goods on account. Record the cost of goods sold, as calculated on the cost of goods sold tab. Verify the ending balance in raw materials inventory. Mater Prepare a schedule of cost of goods manufactured for the Cutting Department for the month of May. Prepare a schedule of cost of goods manufactured for the Stitching Department for the month 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. Prepare journal entries for the month of May's transactions. Record the purchase of materials (on credit). Record direct materials used in production. Record the usage of indirect materials. Record the cost of direct labor incurred but not yet paid. (Use "Factory wages payable" account). Record the cost of indirect labor incurred but not yet paid. (Use "Factory wages payable" account). Record overhead costs paid In cash. Record the application of overhead at a rate of 150% of Note : = journal entry has been entered