2,000 Cost of Goods Sold 0.000 10.000 tem. Identify a product or service operation that migh well i a byidcos endin a hy rid costing Exercise 20-27 Hybrid costing system Company manufactures sorm Cly single processing department. woven blankets and accounts for product costs using process costing. PROBLEM SET A The following information is available regarding its followvinr Problem 20-1A Production cost flow and measurement journal May invcatories. Beginning Ending Inventory Inventory 60,000 92,500 435.000 515,000 633.000605.000 Raw materials inventory PI PL P3 P Finished goods inventory additional information describes the company's production activities for May. The following Raw materials purchases (on credit) Factory payroll cost (paid in cash) Other overhead cost (Other Accounts credited) Materials used 250.000 1530,000 7,000 157,500 60,000 Direct Indirect Labor used Direct .. Indirect 780000 750.000 115% Overhead rate as a percent of direct labor Sales (on credit).. $2,500,000 es Cost of Required 1 Compute t 2. Prepare summary journal entries dated May 31 to record the following production activities during raw materials purchases. (b) direct materials usage. (c) indirect materials usage, (d) direct s incurred, (e) indirect labor costs incurred, (0 payment of factory payroll. (g) other over- head costs, th) overhead applied. () goods transferred from production to finished goods, and (j) sale the cost of (a) products transferred from production to finished goods, and tb) goods sold. Ceck May: (a) of finished goods