Saved 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 55,000 S 63,000 408,000 612,000 Ending Inventory Raw materials inventory Work in process inventory Finished goods inventory 523,000 570,000 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) Paterials used 280,000 1,590,000 20,500 Direct 184,000 , 00 Indirect Labor used Direct Indirect 790, , 115% 3,500,000 Overhead rate as a percent of direct labor Sales (on credit) The predetermined overhead rate was computed at the beginning of the year as 115 of direct labor cost. Required: 1. Compute the cost of products transferred from production to finished gooos ond cost of goode sold. Materiale /OM Drocess WIDS Seved Required information Required: 1. Compute the cost of products transferred from production to finished goods and cost of goods sold. Work in Process (WIP) Raw Materials (RM) Factory Wages Payable Finished Goods (FG) Factory Overthead Income Statement (Partial) ere to search Microseft Teams Leading Micreseft Final lenovo Snved Required information 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, () goods transferred from production to finished goods, and () sale of finished goods. View transaction list Journal entry worksheet 5.6 7 8 .... 2 11 Record purchase of raw materials. Noter Enter debits before credits. Date General Journal Debit Credit May 31 Record entry View general journal Clear entry