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Raw materials inventory Work in process inventory-Cutting Work in process inventory-Stitching Finished goods inventory V5s Inventory $ 36,000 103,500 123,300 80,100 MAS Inventory $42,550 54,500 90,500 20, 250 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 $ 55[eee 23,250 @ es Direct labor Direct labor-Cutting Direct labor-stitching Total factory payroll paid (in cash) $ 18,6ee 74,400 149,200 Factory Overhead (Actual costs) Indirect materials used Indirect labor used Other overhead costs $ 25, 2ee 56,200 53,000 Factory Overhead Rates Cutting (150% of direct materials used) Stitching (120% of direct labor used) Sales $496, eee Requirement General Journal General Ledger Trial Balance Raw Materials Cost of Goods Mfg Cutting Cost of Goods Mfg Stitching Cost of Goods Sold Gross Profit Prepare journal entries for the month of May's transactions. View transaction list Journal entry worksheet General General Cost of Cost of Raw Requirement Trial Balance Journal Ledger Goods Mfg Goods Mfg Materials Cutting Stitching Calculate the value of gross profit for the month of May. Dates: A Gross Profit