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 Raw materials inventory Work in process inventory Finished goods inventory Beginning Ending Inventory Inventory $ 51,000 $ 47,50e 440,000 537,000 631,000 590,e00 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 $ 260,0ee 1,550,000 47,00e Direct Indirect $183,5ee 80,eee Labor used Direct Indirect $780,eee 770,ee0 Overhead rate as a percent of direct labor Sales (on credit) 115% $6,500,eee The predetermined overhead rate was computed at the beginning of the year as 115% of direct labor cost. 1. Compute the cost of products transferred from production to finished goods and cost of goods sold. Raw Materials (RM) Work in Process (WIP) Factory Wages Payable Finished Goods (FG) Factory Overhead Income Statement (Partial) Cost of goods transferred Cost of goods sold