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 Raw materials inventory Work in process inventory Finished goods inventory Beginning Ending Inventory Inventory 151,000 $ 29,500 441,000 557,000 619,000 528,000 The following additional information describes the company's production activities for May. $ 260,000 1,554,000 64,500 $ 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) 201,500 80,000 $ 790,000 764,000 1158 3,500,000 $ The predetermined overhead rate was computed at the beginning of the year as 115% of direct labor cost. Required information RM - April 30 RM purchases Raw Materials (RM) | 51,000 DM used 260,000 indirect materials L I 201,500 80,000 | (WIP - April 30 DM used DL used Overhead applied WIP - May 31 Work in Process (WIP 441,000 FG-AF 201,5001 790,000 908,500 515,000 500 RM- May 31 121,500 Factory Wages Payable Total Factory wages paid DL used Indirect labor Finished Goods (FG) Cost of + FG - April 30 RM purchases FG - May 31 Factory Overhead X Other overhead costs indirect materials Indirect labor I D / /