Required information 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 Raw materials inventory $ 60,eee $ 92,500 Work in process inventory 435,000 515,000 Finished goods inventory 633,000 605,000 The following additional information describes the company's production activities for May. $ 250,000 1,530,000 87,000 $ 157,500 68,000 Raw materials purchases (on credit) Factory wages cost (paid 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) $ 780,000 750,000 115% $2,500,000 Answer is not complete. No Date General Journal Debit Credit 1 May 31 Raw materials inventory Accounts payable 250,000 250,000 2 May 31 Work in process inventory Raw materials inventory 157.500 157,500 3 May 31 Factory overhead 60,000 Raw materials inventory 60.000 4 May 31 780,000 Work in process inventory Factory payroll payable 780,000 5 May 31 750.000 Factory overhead Factory payroll payable 750,000 6 May 31 Factory payroll payable 1,530,000 Cash 1,530,000 7 May 31 Factory overhead 87,000 Other accounts 87,000 8 May 31 Work in process inventory Factory overhead 9 May 31 Finished aoods inventory 6 May 31 Factory payroll payable 1,530,000 Cash 1,530,000 7 May 31 Factory overhead 87,000 Other accounts 87,000 8 May 31 Work in process inventory Factory overhead 9 May 31 Finished goods inventory Work in process inventory 10 May 31 Accounts receivable Sales 11 May 31 Cost of goods sold Finished goods inventory