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 Raw materials inventory Work in process inventory Finished goods inventory ventory Inventory 60,000 92,500 435,000 515,000 633,000 605,000 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 1,530,000 87,000 Direct Indirect $ 157,500 60,000 Labor used Direct Indirect $780,000 750,000 115% Overhead rate as a percent of direct labor Sales (on credit) $2,500,000 t of Goods General Journal General Ledger Cost of Mtls Used Cost of Goods Cos Requirement Trial Balance Gross Profit Mfg Sold 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