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Harvey Company manufactures woven blankets and accounts for product costs using process costing. The following information is available regarding its May inventories. Beginning Inventory Raw materials inventory Goods in process inventory Finished goods inventory Ending Inventory $ 56,000 $ 51,000 441,500 504,000 638,000 554,000 The following additional information describes the company's production activities for May. Raw materials purchases (on credit) Factory payroll cost (paid in cash) Other overhead cost (Other Accounts credited) Materials used Direct Indirect Labor used Direct Indirect Overhead rates as a percent of direct labor Sales (on credit) $ 270,000 1,583,000 86,000 $ 187,000 62,000 $ 704,000 879,000 110 % $ 3,000,000 1. value: 4 points Compute the cost of (a) products transferred from production to finished goods, and (b) goods sold. (Input all amounts as positive values. Omit the "$" sign in your response.) (a) $ Total production costs Transferred to finished goods inventory (b) Beginning finished goods inventory $ $ Goods transferred from production Goods available for sale $ Cost of goods sold Check My WorkeBook Links (4) References Worksheet Difficulty: Medium Learning Objective: 03-P1 Learning Objective: 03-P2 Learning Objective: 03-P3 Learning Objective: 03-P6 2. value: 4 points Prepare summary journal entries dated May 31 to record the following production activities during May: (omit the "$" sign in your response.) (a) Raw materials purchases. Date May 31 General Journal Debit Credit General Journal Debit Credit General Journal Debit Credit General Journal Debit Credit General Journal Debit Credit (b) Direct materials usage. Date May 31 (c) Indirect materials usage. Date May 31 (d) Payroll costs. Date May 31 (e) Direct labor costs. Date May 31 (f) Indirect labor costs. Date May 31 General Journal Debit Credit General Journal Debit Credit General Journal Debit Credit Debit Credit (g) Other overhead costs. Date May 31 (h) Overhead applied. Date May 31 (i) Goods transferred from production to finished goods. Date May 31 General Journal (j) Sale of finished goods. Date May 31 General Journal Debit Credit