Walters 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 Inventory Ending Inventory Raw materials inventory Work in process inventory-Cutting Work in process inventory-Stitching Finished goods inventory $ 26,000 83,500 $ 30,250 53,500 103,300 80,500 60,100 16,250 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 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 $ 45,000 22,750 0 $ 17,600 70,400 $ 18,000 55,800 51,000 (150% of direct materials used) (120% of direct labor used) Sales $ 416,000 Answer is not complete. Requirement General Journal General Ledger Trial Balance Raw Materials Cost of Goods Mfg Cutting Cost of Goods Mfg Stitching Cost of Goods Sold Gross Profit Prepare journal entries for the month of May's transactions. No 1 Date May 31 Account Title Debit Credit 61,000 61,000