[The following information applies to the questions displayed below.) 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 Work in process inventory-Stitching Finished goods inventory 173,500 125,500 193,300 100,800 46,100 34,250 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 $90,000 25,000 0 Direct labor Direct labor-Cutting Direct labor-Stitching Total factory payroll paid (in cash) $ 22,100 88,400 168,100 Factory Overhead (Actual costs)) Indirect materials used $ 50,400 Indirect labor used 57,600 Other overhead costs 60,000 Factory Overhead Rates Cutting Stitching Sales (150% of direct materials used) (120% of direct labor used) $776,000 a 2. Prepare summary journal entries dated May 31 to record the following production activities during May: (a) raw materials purchases, < Prev 8+ of 4 Next