Byrnes Company manufactures woven blankets and accounts for product costs using process costing. The company uses a single processing department. The following information is available regarding its May inventories. Raw materials inventory Work in process inventory Finished goods inventory Beginning Ending Inventory Inventory $105,000 $110,000 525,000 560,000 723,000 651,000 The following additional information describes the company's production activities for May. $ 300,000 1,602,000 168,000 $ Raw materials purchases (on credit) Factory wages cost (paid in cash) Other overhead cost (Other Accounts credited) Materials used Direct Indirect Labor used Direct Indirect Overhead rate as a percent of direct labor Sales (on credit) 250,000 45,000 825,000 777,000 1203 $2,520,000 Requirement General Journal General Ledger Trial Balance Raw Materials Cost als Cost of Goods Cost of Goods Mfg Sold Gross Profit General Journal tab - Prepare journal entries to record the transactions of Byrnes Company during the month of May. Cost of Materials Used tab - Calculate the total cost of direct materials used in production during May. Cost of Goods Manufactured tab - Prepare a schedule of cost of goods manufactured for Byrnes Company for the month of May. Cost of Goods Sold tab - Prepare a schedule of cost of goods sold for Byrnes Company for the month of May. Gross Profit tab - Calculate the gross profit on sales for May.