Huopuye UwW.) Sierra Company manufactures woven blankets and accounts for product costs using process costing. Data below are for one of its processing departments. The following information is available regarding its May inventories bints eBook Raw materials inventory Work in process inventory Finished goods inventory Beginning Ending Inventory Inventory $ 55,000 $ 77,500 432,500 599,000 640,000 559,000 Print References The following additional information describes the company's production activities for May. $ 250,000 1,575,000 26.000 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) 151,500 76,000 780,000 795,000 1156 3,500,000 $ The predetermined overhead rate was computed at the beginning of the year as 115% of direct labor cost. Required: 1. Compute the cost of products transferred from production to finished goods and cost of goods sold. Work in Process (WIP) Cost of goods manuf RM - April 30 RM purchases Raw Materials (RM) Indirect materials OM used WIP - April 30 OM used DL used Overhead applied WIP - May 31 RM- May 31 Finished Goods (FG) Factory Wages Payable FG - April 30 WIP - April 30 FG - May 31 Factory Overhead WIP - May 31 Indirect materials indirect labor Other overhead costs 34 of 7 !!! Next >