TODIEN 3-5A (Algo) LO P3, P4 Williams 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 Inventory Beginning Inventory $ 136,000 $ 165,550 303,500 64,500 323,300 190,500 280,100 60,250 Raw materials inventory Work in process inventory-Cutting Work in process inventory-Stitching Finished goods inventory 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 Direct labor Direct labor-Cutting Direct labor-Stitching Factory Overhead (Actual costs) Indirect materials used Indirect labor used Other overhead costs Factory Overhead Rates Cutting Stitching $ 155,000 28,250 0 $ 28,600 114,400 $ 97,200 60,200 73,000 (150% of direct materials used) (120% of direct labor used) Sales $ 1,336,000 Requirement General Journal General Ledger Trial Balance Raw Materials Cost of Goods Mfg Cutting Cost of Goods Mfg Stitching Prepare journal entries for the month of May's transactions. View transaction list View journal entry worksheet Title TODIEN 3-5A (Algo) LO P3, P4 Williams 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 Inventory Beginning Inventory $ 136,000 $ 165,550 303,500 64,500 323,300 190,500 280,100 60,250 Raw materials inventory Work in process inventory-Cutting Work in process inventory-Stitching Finished goods inventory 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 Direct labor Direct labor-Cutting Direct labor-Stitching Factory Overhead (Actual costs) Indirect materials used Indirect labor used Other overhead costs Factory Overhead Rates Cutting Stitching $ 155,000 28,250 0 $ 28,600 114,400 $ 97,200 60,200 73,000 (150% of direct materials used) (120% of direct labor used) Sales $ 1,336,000 Requirement General Journal General Ledger Trial Balance Raw Materials Cost of Goods Mfg Cutting Cost of Goods Mfg Stitching Prepare journal entries for the month of May's transactions. View transaction list View journal entry worksheet Title