Check my work 7 Required information [The following information applies to the questions displayed below.] Sierra Company manufactures woven blankets and accounts for product costs using process costing. Data below are Part 1 of 2 for one of its processing departments. The following information is available regarding its May inventories 2.5 points Beginning Ending Inventory Inventory 54,000 55,000 426, 000 557,000 631,000 508,000 Skipped Raw materials inventory Work in process inventory Finished goods inventory eBook Print References The following additional information describes the company's production activities for May Raw materials purchases (on credit) Factory wages cost (paid in cash) Other overhead cost (Other Accounts credited) Materials used 250,000 1,570,000 43,000 Direct Indirect $ 185, 000 64,000 Labor used Direct Indirect $ 780,000 790,000 Overhead rate as a percent of direct labor 115%