Raw materials inventory Work in process inventory-Cutting Work in process inventory-Stitching Finished goods inventory Beginning Inventory $126,000 283,500 303,300 260,100 Ending Inventory $ 153,250 63,500 180,500 56,250 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 $ 145,000 27,750 0 Direct labor Direct labor-Cutting Direct labor-Stitching Total factory payroll paid (in cash) $ 27,600 110,400 197,800 Factory Overhead (Actual costs) Indirect materials used Indirect labor used Other overhead costs $ 90,000 59,800 71,000 Factory Overhead Rates Cutting (150% of direct materials used) Stitching (120% of direct labor used) Sales $1,216,000 Journal entry worksheet a. Record the purchase of materials (on credit). Note: Enter debits before credits. Date Account Tit Debit Credit May 31 Record entry Clear entry View general Journal Sales $1,216,000 General Raw General Cost of Cost of Requirement Cost of Journal Ledger Trial Balance Goods Mfg Goods Mfg Materials Goods Sold Gross Profit Cutting Stitching Verify the ending balance in raw materials inventory. Enter the amount of materials used as negative values. Beginning Raw Materials Inventory Materials available for use Ending raw material inventory $ Gross Profit Cost of Cost of General General Raw Cost of Requirement Trial Balance Journal Goods Mfg Goods Mfg Ledger Materials Goods Sold Cutting Stitching Prepare a schedule of cost of goods manufactured for Drake Company for the month of May. Dates: Apr 30 to: Apr 30 Total manufacturing costs added during May Total cost of work in process Gross Profit Cost of Cost of General General Raw Requirement Cost of Trial Balance Journal Goods Mfg Goods Mfg Ledger Materials Goods Sold Cutting Stitching Prepare a schedule of cost of goods manufactured for Drake Company 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 Cost of Cost of Raw Cost of Requirement Trial Balance Goods Mfg Goods Mfg Ledger Journal Materials Gross Profit 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 Calculate cost of goods sold: Cost of goods available for sale Cost of goods sold