Stam 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 121,000 147,100 Work in process inventory- 273,500 63,000 Cutting Work in process inventory 293,300 175,500 Stitching Finished goods inventory 250,100 54,250 The following additional information describes the company's production activities for May Direct materials Raw materials purchased on $ credit 140,000 27,500 Direct materials used- Cutting Direct materials used- Stitching Direct labor Direct labor-Cutting Direct labor-Stitching Factory Overhead (Actual costs) Indirect materials used Indirect labor used Other overhead costs Factory Overhead $27,100 108,400 $ 86,400 59,600 70,000 Rates (150% of direct Cutting materials used) (128% of direct labor Stitching used) Sales $1,176,000 Answer is not complete. Requir. Journal Ledger Balance Materi General General Trial Raw Cost of Cost of Cost of Goods Goods Goods Profit Gross Prepare journal entries for the month of May's transactions. No Date Account Title Debit Credit 1 May 31 Raw materials inventory 140.000 Accounts payable 140,000 2 May 31 Work in process inventory-Cutting 27.500 Raw materials inventory 27.500 3 May 31 Factory overhead 88,400 Raw materials inventory 86,400 4 May 31 Work in process inventory-Cutting 27.100 Work in process inventory-Stitching 108,400 Factory wages payable 135,500 5 May 31 Factory overhead 59.600 Factory wages payable 59.600 6 May 31 Factory wages payable Cash 8 7 May 31 Factory overhead Other accounts 8 May 31 Work in process inventory-Setching Work in process inventory-Cutting 9 May 31 Finished goods inventory 10 May 31 Cost of goods sold 11 May 31 Work in process inventory-Sitching Finished goods inventory Accounts receivable Sales ** ** 8