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5 Sierra Company manufactures soccer balls in two sequential processes: Cutting and Stitching. All enter production at the beginning of the Cutting process. The following information is available reg inventories: art 1 of 2 Work in process inventory-Cutting Work in process inventory-Stitching Finished goods inventory Beginning Ending Inventory Inventory 63,500 70,500 83,300 66,700 24,100 12,250 Sints eBook 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 References $ 35,000 22,250 0 Direct labor Direct labor-Cutting Direct labor-Stitching Total factory payroll paid (in cash) $ 16,600 66,400 138,400 Direct labor Direct labor-Cutting Direct labor-Stitching Total factory payroll paid (in cash) $ 16,600 66,400 138,400 2 Factory Overhead (Actual costs) Indirect materials used Indirect labor used Other overhead costs $ 10,800 55,400 49,000 ook ences Factory Overhead Rates Cutting (1508 of direct materials used) Stitching (120% of direct labor used) Sales $336,000 65,225 WIP - April 30 Direct materials - Cutting Direct labor - Cutting Overhead - Cutting WIP - May 31 Work in Process (WIP) - Cutting 63,500 C of GM - Cutting 22,250 16,600 33,375 70,500 WIP - April 30 C of GM - Cutting (Direct labor - Stitching Overhead - Stitching WIP - May 31 Work in Process (WIP) - Stitching 83,300 C of GM - Stitching 65,225 66,400 79,680 294,605 Finished Goods (FG) WIP - May 31 Finished Goods (FG) 24,100 Cost of goods sold FG - April 30 C of GM - Stitching FG - May 31 24,100