Sierra Company manufactures woven blankets and accounts for product costs using process costing. The company uses a single processing department. The following information is available regarding its May inventories. Beginning Ending Inventory Inventory Raw materials inventory $ 60,000 $ 92,500 Work in process inventory 435,000 515,000 Finished goods inventory 633,000 605,000 The following additional information describes the company's production activities for May. $ 250,000 1,530,000 87.000 $ Raw materials purchases (on credit) Factory wagen cost (paid in cash) Other overhead coat (Other Accounts credited) Materials used Direct Indirect tabor used Direct Indirect Overhead rate as a percent of direct labor Sales (on credit) 157,500 60,000 $ 780,000 750,000 1150 $2,500,000 Requirement General General Trial Balance Cost of Mtis Cost of Goods Cost of Goods Journal Ledger Used Mfg Sold Gross Profit General Journal tab. Prepare journal entries to record the transactions of Sierra Company during the month of May. Cost of Materials Used tab - Calculate the total cost of direct materials used in production during May, Cost of Goods Manufactured tab - Prepare a schedule of cost of goods manufactured for Sierra Company for the month of May Cost of Goods Sold tab - Prepare a schedule of cost of goods sold for Sierra Company for the month of May. Gross Profit tab - Calculate the gross profit on sales for May. Registrement General Journal >