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Richards Company manufactures soccer balis 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: The following additional information describes the company's production activities for May. 1 Record the purchase of materials (on credit). 2 Record direct materials used in production. 3 Record the usage of indirect materials. 4 Record the cost of direct labor incurred but not yet paid. (Use "Factory wages payable" account). 5 Record the cost of indirect labor incurred but not yet paid. (Use "Factory wages payable" account). 6 Record overhead costs paid in cash. 7 Record the application of overhead at a rate of 150% of Calculate the value of gross profit for the month of May. Verify the ending balance in raw materials inventory. Materials used should be indicated with a minus sign. \begin{tabular}{|l|l|} \hline Beginning Raw Materials Inventory \\ \hline Materials available for use \\ \hline & \\ \hline & \\ \hline \end{tabular} 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. Prepare a schedule of cost of goods manufactured for the Stitching Department for the month of May. Dates: April 30 to: April 30 \begin{tabular}{|l|l|l|} \hline & & \\ \hline & & \\ \hline & & \\ \hline Total manutacturing costs added during May & & \\ \hline & & \\ \hline Total cost of work in procoss & & \\ \hline & & \\ \hline \end{tabular} Prepare a schedule of cost of goods manufactured for the Cutting Department for the month of May. Dates: April 30 to: April 30 7 Record the application of overhead at a rate of 150% of direct materials costs (Cutting) and 120% of direct labor cost (Stitching). 8 Record the transferred costs of partially completed goods. 9 Record the transfer of production to finished goods, as calculated on the Cost of Goods Manufactured tab. 10 Record the sale of goods on account. 11 Record the cost of goods sold, as calculated on the cost of goods sold tab

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