Required information (The following information applies to the questions displayed below Sierra Company manufactures woven blankets and accounts for product costs using process costing Data below one of its processing departments. The following information is available regarding its May inventories RAW materialoven O Work in process inventory Finished goods Inventory Beginning Ending Inventory Inventory 66.000 668,000 430,500 547,000 607.000 507.000 The following additional information describes the company's production activities for May Raw materials purchases on credit) Factory wages cost (paid in cash Other overhead coat Other Accounts credit Materials used Direct Indirect Labor used Direct Indirect Overhead rate as a percent Sales con credit) 290.000 1.565,000 30,000 106,000 2000 EE The predetermined overhead rate was computed at the beginning of the year as 115% of direct labor cost 2. Prepare summary journal entries dated May 31 to record the following production activities during Moy, to raw material purchases (b) direct materials usage. Indirect materials usage, (d) direct labor costs incurred. (e) indirect labor costs incurred. payment of factory payroll, g) other overhead costs, (h) overhead applied, goods transferred from production to finished Goods 00 Bole of finished goods View transaction ist The predetermined overhead rate was computed at the 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, payment of factory payroll other overhead costs, overhead applied, goods transferred from production to finished goods, and sale ofil finished goods. View transaction list Journal entry worksheet Record purchase of raw materials, Note: Enter debits before credits General Journal Credit May 31 | Recordeur Clear entry View general joumal