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Required Information [The following information applles to the questions displayed below] Slerra Company manufactures soccer...

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Accounting

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Required Information [The following information applles to the questions displayed below] Slerra Company manufactures soccer balls in two sequential processes: Cutting and Sutching. All direct materials enter production at the beginning of the cutting process. The following information is avallable regarding its May inventories: The following additional information describes the company's production activites for May. Requlred: 1. Compute the amount of (a) production costs transferred from Cutting to Stitching. (b) production costs transferred from Stitching to finished goods, and (c) cost of goods sold. Hint Compute the total production costs in each department and then subtract the ending inventory to get the amount transferred out of each department. 2. Prepare May 31 Journal entrles to record the following May actlvitles: a. Raw materials purchases b. Direct materials used c. Indirect materlals used d. Direct labor used e. Indirect labor used 1. Other overhead costs paid in cash g. Overhead applied h. Goods transferred from Cutting to Stitching 1. Goods transferred from Stitching to finished goods 1. Sales (on account) k. Cost of goods sold Journal entry worksheet 3 4 Note: Enter debits before credits

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