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 Ending Raw materials inventory Work in process inventory Finished goods inventory Inventory Inventory $54,000 48,000 581,000 577,000 410,000 606,000 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 cost (Other Accounts credited) Materials used 250,000 1,557,000 137,000 Direct Indirect 190,000 66,000 Labor used Direct Indirect 800,000 757,000 Overhead rate as a percent of direct labor Sales (on credit) 120% $4,500,000 The predetermined overhead rate was computed at the beginning of the year as 120% of direct labor cost. 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 Ending Raw materials inventory Work in process inventory Finished goods inventory Inventory Inventory $54,000 48,000 581,000 577,000 410,000 606,000 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 cost (Other Accounts credited) Materials used 250,000 1,557,000 137,000 Direct Indirect 190,000 66,000 Labor used Direct Indirect 800,000 757,000 Overhead rate as a percent of direct labor Sales (on credit) 120% $4,500,000 The predetermined overhead rate was computed at the beginning of the year as 120% of direct labor cost. Journal entry worksheet 1235 6 78 Record purchase of raw materials. 11 Note: Enter debits before credits. Date General Journal Debit Credit May 31 Record entry Clear entry View general journal Journal entry worksheet K23 5 678 11 Record direct materials used in production. Note: Enter debits before credits. Date General Journal Debit Credit May 31 Journal entry worksheet K23 5 678 11 Record indirect materials used in production. Note: Enter debits before credits. Date General Journal Debit Credit May 31 Journal entry worksheet K2 3 5 678 11 Record direct labor cost incurred, but not yet paid Note: Enter debits before credits. Date General Journal Debit Credit May 31 Journal entry worksheet K2 3 5 678 11 Record indirect labor cost incurred, but not yet paid. Note: Enter debits before credits. Date General Journal Debit Credit May 31. Journal entry worksheet K2 3 5 678 11 Record payment of total factory payroll. Note: Enter debits before credits. Date General Journal Debit Credit May 31 Journal entry worksheet K2 3 5 678 11 Record other overhead costs incurred (credit Other accounts) Note: Enter debits before credits. Date General Journal Debit Credit May 31 Journal entry worksheet Record overhead applied at 120% of direct labor cost. Note: Enter debits before credits. Date General Journal Debit Credit May 31 Journal entry worksheet Record the transfer of completed products from production to finished goods nventory Note: Enter debits before credits. Date General Journal Debit Credit May 31 Journal entry worksh 10 I 11 Record the sale of finished goods. Note: Enter debits before credits. Date General Journal Debit Credit May 31 Journal entry worksheet 1 . 4 5 6 789 10 11 Record cost of goods sold for May. Note: Enter debits before credits. Date General Journal Debit Credit May 31