Problem 16-1A Production cost flow and measurement journal entries LO P1, P2, P3, P4 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. Beginning Ending Inventory Inventory s 60,000 92.500 Raw materials inventory Work in process inventory Pinished goods inventory 435,000 515,000 633.000 605,000 The following additional information describes the company's production activities for Raw materials purchases (on credit) Factory wages cost (paid in cash) Other overhead cost (Other Accounts credited) Materials used $ 250,000 1,530,000 87,000 Direet Indirect $ 157,500 60,000 Labor uned $ 780,000 750,000 115 $2.500,000 Direct Indireat overhead rate as a percent of direct labor Sales (on credit)