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GL0301 - Based on Problem 3-5A (Algo) LO P3, P4 Richards 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 Beginning Ending Inventory Inventory Raw materials inventory $ 96,000 $ 116, 350 Work in process inventory-cutting 223.500 60,500 Work in process inventory-stitching 243,300 150,500 Finished goods Inventory 200, 100 44,250 The following additional information describes the company's production activities for May Direct mates Raw materials purchased on credit $ 115,000 Oirect materials used-Cutting 26,250 Direct materials used-stitching Direct labor Direct labor-Cutting Direct labor-stitching $ 24,600 98,400 Factory Overhead Cactual costs) Indirect materials used Indirect labor used other overhead costs $ 68,400 58,600 65,000 Factory Overhead Rates Cutting stitching (150% of direct materials used) (120% of direct labor used) Sales $976,000 Requirement General lounal General Talas Raw Cost of Cost of View transaction list Journal entry worksheet 2 Journal entry worksheet Journal entry worksheet Record the cost of goods sold, as calculated on the cost of goods sold tab. Note: Enter debits before credits. Date Account Title Credit May 31 Debit 976,000 Cash Sales 976,000 Record entry Clear entry View general journal Cost of General General Cost of Raw Requirement Cost of Journal Trial Balance: Ledger Materials Goods Mfg Goods Mfo Gross Profit Goods Sold Cutting Stitching 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 stitching I OT OTELL ME Sales $. 976,000 General Cost of General Cost of Raw Requirement Trial Balance Cost of Journal Goods Mfg Materials Ledger Gross Profit Goods Mfg Goods Sold Cutting Stitching Prepare a schedule of cost of goods manufactured for the Cutting Department for the month of May. Dates: Apr 30 to: Apr 30 Total manufacturing costs added during May Total cost of work in process Sales General General Raw Cost of Cost of Requirement Cost of Trial Balance Journal Ledger Materials Goods Mfg Cutting Goods No Goods Sold Gross Profit Stitching Prepare a schedule of cost of goods manufactured for the Stitching Department for the month of May. Dates: Apr 30 to: Apr 30 Total manufacturing costs added during May Total cost of work in process General General Raw Cost of Cost of Requirement Cost of Trial Balance Journal Gross Profit Ledger Goods Mfg Materials Goods Mfg Goods Sold Cutting Stitching 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 Calcolate cost of goods sold: Cost of goods available for sale Cost of goods sold Gross Profit >