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 are for one of its processing departments. The following information is available regarding its May inventories Beginning Inventory Raw materials inventory Work in process inventory $ 61,000 447,500 632,000 Ending Inventory $ 54,000 589,000 544,000 Finished goods inventory 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 cost (Other Accounts credited) Materials used Direct Indirect Labor used Direct Indirect Overhead rate as a percent of direct labor Sales (on credit) $ 260,000 1,584,000 32,500 $ 185,000 82,000 $ 790,000 794,000 115% $4,500,000 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 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, (i) goods transferred from production to finished goods, and (j) sale of finished goods.