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			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

rev: 09_05_2017_QC_CS-97362

Required: 1. Compute the cost of products transferred from production to finished goods and cost of goods sold. I really need help finishing this chart for accounting, I do not understand it! Thank you!!

Required information Materials (RM Work in Process (WIP) M- April 30 M purchases 60,000 Indirect materials 60,000 IP - April 30 M used L used Cost of goods manuf Part 1 of 2 250,000 DM used 157,500 10 points Overhead applied M- May 31 92,500 IP - May 31 eBook Factory Wages Payable Finished Goods (FG) otal Factory wages paid G - April 30 Cost of goods manuf Print Cost of goods sold References G - May 31 Factory Overhead Income Statement (Partial) ndirect materials $ 2,500,000 1,782,500 S 717,500 Overhead applied ales direct labor t of goods sold Other overhead costs Gross profit 0 Cost of goods transferred $ 1.754.500