3 Problem 20-1A Production cost flow and measurement: journal entries LO P1, P2, P3, P4 (The following information applies to the questions displayed below Slerra Company manufactures woven blankets and accounts for product costs using process costing. Data below are for of 2 one of its processing departments. The following information is available regarding its May inventories Inventory ntory Work in process inventory Finished goods inventory 20,00597,880 624,000587,00 The following additional information describes the company's production activities for May Print Ran materials purchases (on credit) Factory nages cost (paid in cash) Other overhead cost (Other Accounts credite:) s 280,000 1,599,000 83,000 s 197,800 78,880 Indirect Direct Indirect 1208 s5,508,030 The predetermined overeed rate wes computed at the beginning of the year as 120% of direct labor cost