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oblem 20-1A Production cost flow and measurement; journal entries LO P1, P2, P3, P4 the following information applies to the questions displayed below.) erra Company manufactures soccer balls in two sequential processes: Cutting and Stitching. All direct mate roduction at the beginning of the Cutting process. The following information is available regarding its May ir Work in process inventory-Cutting Work in process inventory-Stitching Finished goods inventory Beginning Inventory 233,500 253,300 58,100 Ending Inventory 155,500 119,400 46,250 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 $120,000 26,500 3 Direct labor Direct labor-Cutting Direct labor-Stitching Total factory payroll paid (in cash) $ 25,100 100,400 184,300 Factory Overhead (Actual costs) Indirect materials used $ 72.000 Prey 1 2 of 9 Next > C A 20+ F5 F6 FZ F8 F9 F10 F11 # $ % & * 00 3 4 5 6 7 9 D Seved Factory Overhead (Actual costs) Indirect materials used Indirect labor used Other overhead costs $ 72,000 58,800 66,000 Factory Overhead Rates Cutting (150% of direct materials used) Stitching (120% of direct labor used) Sales $1,016,000 Problem 20-1A Part 1 Required: 1. Compute the amount of (a) production costs transferred from Cutting to Stitching, (b) production costs transferre finished goods, and (c) cost of goods sold. Work in Process (WIP) - Cutting Prey 1 2 of 9 Next > Search O L J- + F9 X C 02 E4 F6 F7 F8 F9 F10 F11 $ 8 % 5 * 00 3 4 17 9 Saved blem 20-1A Part 1 uired: ompute the amount of (a) production costs transferred from Cutting to Stitching. (b) production costs transferred fr hed goods, and (c) cost of goods sold. Work in Process (WIP) - Cutting Work in Process (WIP) - Stitching Finished Goods (FG) Prey C 2 of 9 Next > h o BA L - X C F10 F9 F11 F7 F5 F8 FB F2 F % & $ 4. * 00 3 5 7 EDD.blackboard.co work Required Saved Required information Work in Process (WIP) - Stitching Finished Goods (FG) an Prey 1 2 of 9 Next > arch L 4+ F3 F11 F9 F10 F2 F F8 FS F6 F7 $ & ) % 5 * 00 ( 9 3 0 4 7 6