1 GLO301 - Based on Problem 3-5A (Algo) LO P3, P4 10 points Cecconi Company manufactures soccer balls in two sequential processes: Cutting and Stitching. All direct materials enter produ at the beginning of the Cutting process. The following information is available regarding its May inventories: Ending Inventory $ 73,300 Raw materials inventory Work in process inventory-Cutting Work in process inventory-Stitching Finished goods inventory Beginning Inventory $ 61,000 153,500 173,300 130, 100 57,000 115,500 30,250 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 $ 80,000 24,500 Direct labor Direct labor-Cutting Direct labor-Stitching $ 21,100 84,400 Factory Overhead (Actual costs) Indirect materials used Indirect labor used Other overhead costs $ 43,200 57,200 58,000 Factory Overhead Rates Cutting Stitching Sales (150% of direct materials used) (120% of direct labor used) $ 696,000 Answer is not complete. Requirement General Journal General Ledger Trial Balance Raw Materials Cost of Goods Mfa Cutting Cost of Goods Mfg Stitching Cost of Goods Sold Gross Profit Prepare journal entries for the month of May's transactions. No Date Account Title Debit Credit Prepare journal entries for the month of May's transactions. No Account Title Debit Credit Date May 31 1 80,000 Raw materials inventory Accounts payable 80,000 2. May 31 24,500 Work in process inventory-Cutting Raw materials inventory 24,500 3 May 31 43,200 Factory overhead Raw materials inventory 43,200 4 May 31 Work in process inventory-Cutting Work in process inventoryStitching Factory wages payable 21,100 84,400 105,500 5 May 31 57,200 Factory overhead Factory wages payable 57,200 6 May 31 162,700 Factory overhead Cash 162,700 7 May 31 Factory overhead Other accounts oo May 31 No Transaction Recorded 9 May 31 No Transaction Recorded 10 May 31 No Transaction Recorded 11 May 31 No Transaction Recorded General General Cost of Cost of Requirement Raw Journal Trial Balance Cost of Ledger Goods Mfg Goods Mfg Materials Gross Profit Cutting Stitching Goods Sold Verify the ending balance in raw materials inventory. Materials used should be indicated with a minus sign. Beginning Raw Materials Inventory Materials available for use Ending raw material inventory $ 0