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 Pinished goods inventory Beginning Inventory $ 51,000 444,000 638,000 Ending Inventory $ 60,000 595.000 583,000 The following additional information describes the company's production activities for May. 290.000 1.567.000 115.000 Raw materials purchases (on credit) Factory 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) 203,000 70.000 800,000 767.000 1200 6,500,000 $ The predetermined overhead rate was computed at the beginning of the year as 120% of direct labor cost. Required: 1. Compute the cost of products transferred from production to finished goods and cost of goods sold. R ateriales (RM Work in Process WIP) Factory Wages Payable Finished Goods (FO) Factory Overhead Income Statement (Partial) Cost of goods transfered Costs of goods sold