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 $ 60,000 $ 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 60,000 Raw materials purchases (on credit) Pactory wages cost (paid in cash) Other overhead coat (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 1154 $2,500,000 Raw Materials (RM) Work in Process (WIP) Part 1 of 2 125 points eBook Factory Wages Payable Finished Goods (FG) Print References Factory Overhead Income Statement (Partial) Cost of goods transferred Cost of goods sold