Pelcher 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 Ending Inventory Inventory Raw materials inventory $160,000 $160,000 Work in process inventory 635,000 615,000 Tinished goods inventory 833.000 750,000 The following additional information describes the company's production activities for May 5 440,000 1.690,000 16.000 Raw materials purchases on credit) Tactory wages cont (paid in cash) Other overhead coat Other Account credited) Materiale wed Direct Indirect Labo wed Direct Indirect Overhead rate as a percent of direct labor Sales con credit) $ 360,000 72,000 $ 80,000 10.000 1104 32,770,000 Requirement General General Ledger Trial Balance Rew Materias com of Goods Cost of Good Gross Profe Sold General Journal tab - Prepare journal entries to record the transactions of Pelcher Company during the month of May. Cost of Materials used tab - Calculate the total cost of direct materials used in production during May Coat of Good Manufactured tab - Prepare a schedule of cost of goods manufactured for Pelcher Company for the month Cost of Goods Sold tab. Prepare a schedule of cost of goods sold for Peicher Company for the month of May Gross Profit tab - Calculate the gross profit on sales for Hay. General Journal >