15 1 GLO301- Based on Problem 3-5A (Algo) LO P3, P4 Smith Company manufactures soccer balls in two sequential processes Cutting and Sutching All direct maten als enter production at the beginning of the cutting process. The following information is available regarding its May inventories Suppen aw materials Inventory Hork In process Inventory-titching nok Ak 01 Prim References Beginning Inventory 111,000 $3,500 75,300 30,100 10,250 The following additional information describes the company's production activities for May Direct labor-Stitching Factory Quartel (Actual costs) Indirect Other overhead cost Factory Oval Nata Cutting Sitting 30,000 22,000 $7,200 $5,200 48,000 (15 of rect aterials usel) (120% of direct labor sed) Requirement General General Journal Ledger That Balance Materials Raw Cost of Goods Mg Cost of Goods Mfg Stitching Cost of Goods Sold Gross Profit