Smith 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 Raw materials inventory $ 11,000 $ 11,800 Work in process inventory-Cutting 53,500 52,000 Work in process inventory-Stitching 73,300 65,500 Finished goods inventory 30,100 10,250 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 $ 30,000 22.000 0 Direct labor Direct labor-cutting Direct labor-stitching $ 16,100 64,400 Factory Overhead (htul costa) Todirect materials used Indirect labor used Other overhead coats $ 7,200 55,200 40.000 Factory Ovechte Cutting stitching (1501 of direct materials used) (1205 of direct labor used) 296,000 Requirement General Journal General Ledger Trial Balance Raw Materials Cost of Goods Mo Cutting Cost of Goods Mo Suitching Cost of Goods Sold Gross Profit Prepare fournal entries for the month of Mav's transactions Journal entry worksheet ..... Record the transferred costs of partially completed goods. Note: Enter debits before credits. Date Account Title Debit Credit May 31 Work in process inventory--Stitching Work in process inventory-Cutting Record entry Clear entry View general journal cost of General General Raw Cost of Requirement Trial Balance Cost of Gross Profit Journal Goods Mfg Goods Mfg Ledger Materials Goods Sold Cutting Stitching Verify the ending balance in raw materials inventory. Materials used should be indicated with a minus sign. $ Beginning Raw Materials Inventory Raw materials purchased Materials available for use Direct materials used Indirect materials used Ending raw material inventory 11,000 30,000 41,000 7,200 x 7,200 55,400 $