please label as they would, i am very confused on that part in particular. show all work, thank you!

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 Inventory $ 54.000 404,500 640,000 Ending Inventory $ 50.500 555,000 289,001 The following additional information describes the company's production activities for May $ 260,000 1,537,000 72.000 $ Raw materials purchases (on credit) Factory payroll 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) 195.500 68,000 $ 780,000 757,000 11596 $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. Work in Process (WIP) RM - April 30 RM purchases Raw Materials (RM) 54.000 / 260,000 Factory Payroll Payable Finished Goods (FG) Factory Overhead Income Statement (partial) 2. Prepare summary journal entries dated May 31 to record the following production activities during May (a) raw materials purchases, (b) direct materials usage. (c) indirect materials usage, (d) direct labor costs incurred, (c) indirect labor costs incurred, (f) payment of factory payroll, (g) other overhead costs, (h) overhead applied, goods transferred from production to finished goods, and sale of finished goods. View transaction list Journal entry worksheet 3 4 5 6 7 8 ..... 11 Record direct materials used in production. Note: Enter debits before credits. Date General Journal Debit Credit May 31 Record entry Clear entry View general journal