GLO301 - Based on Problem 03-1A LO P1, P2, P3, P4 Sweet 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 Beginning Inventory Inventory $101,000 Raw materials inventory Work in process inventory-Cutting Work in process inventory-Stitching Finished goods inventory $122,500 61,000 155,500 46,250 233,500 253,300 210,100 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 $120,000 26,500 Direct labor $ 25,100 Direct labor-Cutting Direct labor-Stitching Total factory payroll paid (in cash) 100,400 184, Factory Overhead (Actual costs) $ 72,000 Indirect materials used Indirect labor used 58,800 Other overhead costs 66,000 Factory Overhead Rates Cutting Stitching (150% of direct materials used) (120% of direct labor used) $1,016,000 Sales Prepare a schedule of cost of goods manufactured for Sweet Company for the month of May. Dates: Apr 30 to: Apr 30 Factory overhead applied Direct materials used Direct labor used Total manufacturing costs added during May Total cost of work in process Prepare a schedule of cost of goods manufactured for Sweet Company for the month of May. Dates: Apr 30 to: Apr 30 Total manufacturing costs added during May Total cost of work in process Calculate the value of cost of goods sold for the month of May. Ignore any over- or underapplied overhead in the calculation of cost of goods sold. Dates: Apr 30 to: Apr 30 Calculate cost of goods sold: Cost of goods available for sale Cost of goods sold Calculate the value of gross profit for the month of May. Dates: Apr 30 to: Apr 30 Gross Profit $ %24