information a Edison Company manufactures wool blankets and accounts for product costs using process costing. The following information is available regarding Its May inventonies Beginning nve Raw materials Inventory Goods in process inventory Finished goods inventory $ 65,000$57,000 511,000 142,001 422,500 613,000 The following additional information describes the company's production activites for kby Raw materials purchases (on credit) Factory payroll cost (paid in cash) Other overhead cost (Other Accounts credited) Materials used $ 290.000 2.059,900 88,000 2 Direct Indirect $ 163.500o 58.000 Labor used Direct indirect erhead rote as o percent of direct labor $ 1179.900 880.000 115% Sales ton credit) $ 3.000.000 The predet overhead rate was computed at th ing of the year as 15% of direct labor cost