• 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 Inventory			Ending 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.

  Raw materials purchases (on credit)	$	250,000
  Factory wages cost (paid in cash)		1,530,000
  Other overhead cost (Other Accounts credited)		87,000
  Materials used
  Direct	$	157,500
  Indirect		60,000
  Labor used
  Direct	$	780,000
  Indirect		750,000
  Overhead rate as a percent of direct labor		115	%
  Sales (on credit)	$	2,500,000

  Requirement
• General Journal
• General Ledger
• Trial Balance
• Raw Materials
• Cost of Goods Mfg
• Cost of Goods 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.