This is ONE MILTI-PART question!

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Richards 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: Raw materials inventory Work in process inventory-Cutting Work in process inventory-Stitching Finished goods inventory Direct materials. Raw materials purchased on credit Direct materials used-Cutting Direct materials used-Stitching The following additional information describes the company's production activities for May. Direct labor Direct labor-Cutting Direct labor-Stitching Factory Overhead (Actual costs) Indirect materials used Indirect labor used Other overhead costs Factory Overhead Rates Cutting Stitching Sales Requirement General Journal View transaction list 1 2 $ 976,000 General Ledger Prepare journal entries for the month of May's transactions. Journal entry worksheet 3 4 Note: Enter debits before credits. Beginning Inventory $ 96,000 223,500 243,300 200, 100 $ 115,000 26,250 0 (150% of direct materials used) (120% of direct labor used) Trial Balance 5 $ 24,600 98,400 Record the purchase of materials (on credit). $ 68,400 58,600 65,000 Raw Materials 6 Ending Inventory $ 116,350 60,500 150,500 44,250 7 Cost of Goods Mfg Cutting 8 ..... Cost of Goods Mfg Stitching 11 Cost of Goods Sold > Gross Profit ped J Dok nt 7 ences Factory Overhead Rates Cutting Stitching Sales Requirement View transaction list 3 General Journal 4 5 Prepare journal entries for the month of May's transactions. 6 (150% of direct materials used) (120% of direct labor used) $ 976,000 General Ledger 1 Record the purchase of materials (on credit). 2 Record direct materials used in production. Trial Balance Record the usage of indirect materials. Raw 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. 7 Record the application of overhead at a rate of 150% of direct materials costs (Cutting) and 120% of direct labor Note : = journal entry has been entered Cost of Goods Mfg Cutting EX: Cost of Goods Mfg Stitching 11 Credit Cost of Goods Sold > Gross Profit Screenshot ped J bok nt 7 ences Factory Overhead Rates Cutting Stitching Sales Requirement General Journal General Ledger Prepare journal entries for the month of May's transactions. View transaction list (150% of direct materials used) (120% of direct labor used) 9 $ 976,000 Trial Balance 7 Record the application of overhead at a rate of 150% of direct materials costs (Cutting) and 120% of direct labor cost (Stitching). 8 Record the transferred costs of partially completed goods. Note : Raw Materials Record the transfer of production to finished goods, as calculated on the Cost of Goods Manufactured tab. 10 Record the sale of goods on account. 11 Record the cost of goods sold, as calculated on the cost of goods sold tab. = journal entry has been entered Cost of Goods Mfg Cutting EX Cost of Goods Mfg Stitching 11 Credit Cost of Goods Sold > Gross Profit Screenshot Indirect materials used Indirect labor used Other overhead costs Factory Overhead Rates Cutting Stitching Sales Requirement. No. No. No. No. No. No. General Journal Date Apr 30 Date Apr 30 Date Apr 30 Date Apr 30 Date Apr 30 General Ledger Cash Debit $ 976,000 (150% of direct materials used) (120% of direct labor used) Debit Trial Balance Credit Raw materials inventory Debit Credit Finished goods inventory Credit Factory Equipment Debit Credit Accounts payable Debit Credit $ 68,400 58,600 65,000 Paid-in capital in excess of par - Common Date Debit Credit Apr 30 Raw Materials. General Ledger Account Balance 380,000 Balance 96,000 Balance 200,100 Balance 115,000 Balance 884,400 Balance 60,000 Cost of Goods Mfg Cutting Credit Accumulated depreciation - Factory equipment Debit Credit Common stock, $5 par value Debit Credit Retained earnings Debit Balance 80,000 Credit Balance 243,300 Balance 223,500 Balance 23,000 Balance 66,000 Balance 304,500 Indirect materials used Indirect labor used Other overhead costs Factory Overhead Rates Cutting Stitching Sales Requirement. General Journal Cash Accounts receivable Total $ 976,000 General Ledger Raw materials inventory Work in process inventory-Stitching Finished goods inventory Work in process inventory-Cutting Factory Equipment (150% of direct materials used) (120% of direct labor used) Trial Balance: Account Title Accumulated depreciation - Factory equipment Accounts payable Common stock, $5 par value *Paid-in capital in excess of par - Common Retained earnings $ 68,400 58,600 65,000 Raw Materials Cost of Goods Mfg Cutting Richards Company Trial Balance April 30, 2018 Gross Profit Direct materials Raw materials purchased on credit. Direct materials used-Cutting Direct materials used-Stitching Raw materials inventory Work in process inventory-Cutting Work in process inventory-Stitching Finished goods inventory The following additional information describes the company's production activities for May. Direct labor Direct labor-Cutting Direct labor-Stitching Factory Overhead (Actual costs) Indirect materials used Indirect labor used Other overhead costs Factory Overhead Rates Cutting Stitching Sales Requirement General Journal $ 976,000 Total cost of work in process General Ledger Beginning Inventory $ 96,000 223,500 243,300 200, 100 Cost of Goods Mfg Cutting Prepare a schedule of cost of goods manufactured for the Cutting Department for the month of May. Dates: Apr 30 to: Apr 30 Trial Balance Total manufacturing costs added during May $ 115,000 26,250 0 (150% of direct materials used). (120% of direct labor used) Gross Profit Direct materials Raw materials purchased on credit. Direct materials used-Cutting Direct materials used-Stitching Raw materials inventory Work in process inventory-Cutting Work in process inventory-Stitching Finished goods inventory The following additional information describes the company's production activities for May. Direct labor Direct labor-Cutting Direct labor-Stitching Factory Overhead (Actual costs) Indirect materials used Indirect labor used Other overhead costs Factory Overhead Rates Cutting Stitching Sales Requirement General Journal $ 976,000 Total cost of work in process Beginning Inventory $ 96,000 223,500 243,300 200, 100 Trial Balance Total manufacturing costs added during May $ 115,000 26,250 0 General Ledger Cost of Goods Mfg Cutting Cost of Goods Mfg Stitching Prepare a schedule of cost of goods manufactured for the Stitching Department for the month of May. to: Apr 30 Dates: Apr 30 $ 24,600 98,400 (150% of direct materials used). (120% of direct labor used) $ 68,400 58,600 65,000 Ending Inventory $ 116,350 60,500 150,500 44,250 Raw Materials Cost of Goods Sold Gross Profit Direct materials Raw materials purchased on credit. Direct materials used-Cutting Direct materials used-Stitching Raw materials inventory Work in process inventory-Cutting Work in process inventory-Stitching Finished goods inventory The following additional information describes the company's production activities for May. Direct labor Direct labor-Cutting Direct labor-Stitching Factory Overhead (Actual costs) Indirect materials used Indirect labor used Other overhead costs Factory Overhead Rates Cutting Stitching Sales Requirement General Journal Calculate cost of goods sold: General Ledger Cost of goods available for sale Cost of goods sold $ 976,000 Beginning Inventory $ 96,000 223,500 243,300 200, 100 Trial Balance $ 115,000 26,250 0 $ 24,600 98,400 $ 68,400 58,600 65,000 (150% of direct materials used). (120% of direct labor used) Ending Inventory $ 116,350 60,500 150,500 44,250 Raw Materials to: Apr 30 Direct materials Raw materials purchased on credit. Direct materials used-Cutting Direct materials used-Stitching Raw materials inventory Work in process inventory-Cutting Work in process inventory-Stitching Finished goods inventory The following additional information describes the company's production activities for May. Direct labor Direct labor-Cutting Direct labor-Stitching Factory Overhead (Actual costs) Indirect materials used Indirect labor used Other overhead costs Factory Overhead Rates Cutting Stitching Sales Requirement General Ledger Gross Profit $ 976,000 $ Beginning Inventory $ 96,000 223,500 243,300 200, 100 General Journal Calculate the value of gross profit for the month of May. $ 115,000 26,250 0 Trial Balance 0 $ 24,600 98,400 (150% of direct materials used). (120% of direct labor used) $ 68,400 58,600 65,000 Raw Materials. Ending Inventory $ 116,350 60,500 150,500 44,250 Gross Profit to: Apr 30