2. Prepare summary journal entries dated May 31 to record the following May activities: (a) raw materi- als purchases, (b) direct materials usage, (c) indirect materials usage, (d) direct labor costs incurred, (e) indirect labor costs incurred, payment of factory payroll, (g) other overhead costs (credit Other Accounts), (h) overhead applied, () goods transferred from Cutting to Stitching, () goods transferred from Stitching to finished goods, (k) cost of goods sold, and (I) sales. Sierra 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. Ending Inventory Raw materials inventory... Work in process inventory-Cutting Work in process inventory Stitching. Finished goods inventory.... Beginning Inventory $ 6,000 43,500 63,300 20,100 $ 9,250 51,500 60,500 8,250 The following additional information describes the company's production activities for May. $ 6,000 55,000 47.000 Direct Materials Raw materials purchased on credit..... $ 25.000 Direct materials used-Cutting 21,750 Direct materials used-Stitching ....... 0 Direct Labor Direct labor-Cutting ... $ 15,600 Direct labor-Stitching... 62.400 Total factory payroll paid (in cash)...... 133.000 Factory Overhead (actual costs) Indirect materials used ........ Indirect labor used......... Other overhead costs ... Factory Overhead Rates Cutting ... Stitching Sales...... 150% of direct materials used 120% of direct labor used $256.000