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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 for one of its processing departments. The following information is available regarding its May inventories Raw materials inventory Work in process inventory Finished goods Inventory Beginning Ending Inventory Inventory $ 66,000 $28,5ee 444,000 611, eee 613,000 591,000 The following additional information describes the company's production activities for May $ 250,000 1.537.000 70,000 $ 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) 217,500 70,000 $ 780,000 757,000 115% $2,500,000 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. Raw Materials (RM) Work in Process (WIP) Factory Wages Payable Finished Goods (FG) Factory Overhead Income Statement (Partial) $ 0 Cost of goods transferred Cost of goods sold View transaction list . 1 Record purchase of raw materials. 2 Record direct materials used in production. 3 Record indirect materials used in production. 4. Record direct labor cost incurred, but not yet paid. 5 Record indirect labor cost incurred, but not yet paid. 6 Record payment of total factory payroll. 7 Record other overhead costs incurred (credit Other accounts). 5 Record indirect labor cost incurred, but not yet paid. 6 Record payment of total factory payroll. 7 Record other overhead costs incurred (credit Other accounts). 8 Record overhead applied at 115% of direct labor cost. 9 Record the transfer of completed products from production to finished goods inventory. 10 Record the sale of finished goods. 11 Record cost of goods sold for May