Required information Problem 20-1A 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 Inventory 50,000 441,500 617,000 Ending Inventory 35,500 533,000 590,000 Raw materials inventory Work in process inventory Finished goods inventory S The following additional information describes the company's production activities for May Raw materials purchases (on credit) 280,000 1,579,000 43,500 Factory wages cost (paid in cash) Other overhead cost (Other Accounts credited) Materials used Direct Indirect Labor used 218,500 76,000 Direct S 790,000 789,000 1158 2,500,000 Indirect overhead rate as a percent of direct labor Sales (on credit) The predetermined overhead rate was computed at the beginning of the year as 115% of direct labor cost. Required information 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, (e) 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 1 2 3 45 6 7 8.... 11 Record purchase of raw materials. Note: Enter debits before credits. General Journal Debit Credit Date May 31 View general journal Record entry Clear entry en