Egert 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.

Egert 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. Beginning Inventory Inventory $ 75,000 465,000 663,000 Ending Raw materials inventory Work in process inventory Finished goods inventory 79,000 530,000 597,000 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 Direct $ 230,000 1,554,000 318,000 190,000 36,000 Indirect Labor used $ 795,000 759,000 Direct Indirect Overhead rate as a percent of direct labor Sales (on credit) 140% $2,520,000 General General Cost of Goods Cost of Goods Requirement Trial Balance Raw Materials Gross Profit Ledger Mfg Sold Journal General Journal tab Prepare journal entries to record the transactions of Egert 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 Egert Company for the month of May. Cost of Goods Sold tab Prepare a schedule of cost of goods sold for Egert Company for the month of May. Gross Profit tab - Calculate the gross profit on sales for May. Journal entry worksheet 2 7 1 5 6 8 11 b. Record direct materials used in production. Note: Enter debits before credits. Date Account Title Debit Credit May 31 Record entry Clear entry View general journal co LO Journal entry worksheet 1 2 3 4 5 6 7 8 11 d. Record the cost of direct labor incurred but not yet paid. (Use "Factory payroll payable" account) Note: Enter debits before credits. Date Account Title Debit Credit May 31 Record entry Clear entry View general journal LO Journal entry worksheet 2 3 4 6 7 8 11 e. Record the cost of indirect labor incurred but not yet paid. (Use "Factory payroll payable" account) Note: Enter debits before credits. Date Account Title Debit Credit May 31 Record entry Clear entry View general journal LO et Journal entry worksheet 1 2 3 4 5 6 7 11 f. Record the payment of the total factory payroll Note: Enter debits before credits. Date Account Title Debit Credit May 31 Record entry Clear entry View general journal co LO Journal entry worksheet 1 2 3 4 5 6 7 11 h. Record the application of overhead at a rate of 140% of direct labor. Note: Enter debits before credits. Account Title Date Debit Credit May 31 Record entry Clear entry View general journal Journal entry worksheet 1.. 5 6 7 8 9 10 11 . Record the transfer of production to finished goods, of Goods Manufactured tab. calculated on the Cost as Note: Enter debits before credits. Date Account Title Debit Credit May 31 Record entry Clear entry View general journal Journal entry worksheet 7 4 5 6 8 10 11 j2. Record the cost of goods sold, as calculated on the cost of goods sold tab. Note: Enter debits before credits. Date Account Title Debit Credit May 31 Record entry Clear entry View general journal co LC