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 cosing Data below are for one of its processing departments. The following information is available regarding its May Inventories Beginning Ending 50.000 $17.500 The following additional information describes the company's production activities for May 1.5 . Other v ed cost other account credited) $ 210, 72.000 $ 7 . Overhead rate as percent of direct labor Sales a credit) The predetermined overhead rate was computed at the beginning of the year as 115% of direct labor cost. Problem 16-1A Part 1 Required: 1. Compute the cost of products transferred from production to finished goods and cost of goods sold Factory wages Payable