Williams 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 $ 136,000 Ending Inventory $ 165,550 303,500 64,500 323,300 280,100 190,500 60,250 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 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 $ 155,000 28,250 $ 28,600 114,400 $ 97,200 60,200 73,000 (150% of direct materials used) (120% of direct labor used) Sales $ 1,336,000 General Requirement Journal General Ledger Trial Balance Raw Materials Cost of Goods Mfg Cutting Cost of Goods Mfg Stitching Cost of Goods Sold Gross Profit General Journal tab - Journalize the transactions related to Williams Company's manufacturing of soccer balls. The General Ledger and Trial Balance will be updated based on your entries. Prepare journal entries to record the transactions of Williams Company during the month of May. General Ledger tab - One of the advantages of general ledger software is that posting is done automatically. To see the detail of all transactions that affect a specific account, or the balance in an account at a specific point in time, click on the General Ledger tab. Trial Balance tab - General ledger software also automates the preparation of trial balances. A trial balance lists each account from the General Ledger, along with its balance, either a debit or a credit. Total debits should always equal total credits. Raw Materials tab - Calculate the total cost of direct materials used in production during May. Cost of Goods Manufactured Cutting and Stitching tab - Prepare a schedule of cost of goods manufactured for Williams Company for the month of May. Cost of Goods Sold tab - Prepare a schedule of cost of goods sold for Williams Company for the month of May. Gross Profit tab - Calculate the gross profit on sales for May.