4 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 Part 2 of 2 one of its processing departments. The following information is available regarding its May inventories Beginning Ending Inventory Inventory s 51,080 $ 56,e3e 420,080 597,080 624,000 587,80 points ntory Work in process inventory Finished goods inventory The following additional information describes the company's production activities for May Print Rau naterials purchases (on credit) Factory vages cost (paid in cash) other overhead cost (Other Accounts credited) aterials used 1,599,800 83,000 s 197,029 78,000 Labor used Direct Indirect s 800,008 799,000 Overhead rate as a percent of direct Labor Sales (on credit) 1208 s5, 500,000 The predetermined overhead rate was computed at the beginning of the year as 120% of direct labor cost