Walsh 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:

GL0301 - Based on Problem 3-5A (Algo) LO P3, P4 Walsh 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: The following additional information describes the company's production activities for May. Calculate the value of cost of goods sold for the month of May. Ignore any over- or underapplied overhead in the calculation of cost of goods sold. View transaction list View journal entry worksheet \begin{tabular}{|c|c|c|c|c|c|} \hline & No & Date & Account Title & Debit & Credit \\ \hline & & & Accounts payable & & \\ \hline \multirow[t]{2}{*}{} & 2 & May 31 & Work in process inventory-Cutting & & \\ \hline & & & Raw materials inventory & & \\ \hline & 3 & May 31 & Factory overhead & & \\ \hline & & & Raw materials inventory & & \\ \hline & 4 & May 31 & Work in process inventory-Cutting & & \\ \hline \multirow[t]{2}{*}{} & 5 & May 31 & Factory overhead & & \\ \hline & & & Factory wages payable & & \\ \hline & 6 & May 31 & Factory overhead & & \\ \hline & & & Other accounts & & \\ \hline & 7 & May 31 & Work in process inventory-Cutting & & \\ \hline & & & Work in process inventory-Stitching & & \\ \hline \end{tabular} Calculate the value of gross profit for the month of May. Prepare a schedule of cost of goods manufactured for the Cutting Department for the month of May. \begin{tabular}{|c|c|c|c|c|c|c|c|c|} \hline Requirement & GeneralJournal & GeneralLedger & Trial Balance & RawMaterials & CostofGoodsMfgCutting & CostofGoodsMfgStitching & CostofGoodsSold & Gross Profit \\ \hline \end{tabular} Verify the ending balance in raw materials inventory. Materials used should be indicated with a minus sign. \begin{tabular}{|l|l|} \hline Beginning Raw Materials Inventory & \\ \hline & \\ \hline Materials available for use & \\ \hline & \\ \hline & \\ \hline Ending raw material inventory & $ \\ \hline \end{tabular} Prepare a schedule of cost of goods manufactured for the Stitching Department for the month of May