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

Compute the cost of products transferred from production to finished goods and cost of goods sold. Raw Materials (RM) Work in Process (WIP) Finished Goods (FG) Factory Wages Payable Factory Overhead Income Statement (Partial) 0 Cost of goods transferred Cost of goods sold 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 Ending Inventory Inventory 75,500 549,000 Raw materials inventory Work in process inventory Finished goods inventory 56,000 416,500 610,000 580,000 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 260,000 1,576,000 66,000 Direct 162,500 78,000 Indirect Labor used Direct 800,000 776,000 Indirect Overhead rate as a percent of direct labor 115% Sales (on credit) $6,500,000 The predetermined overhead rate was computed at the beginning of the year as 115% of direct labor cost Prepare summary journal entries dated May 31 to record the following production activities during May: (a) raw materials purchases, (b) direct materials usage, (c) indirect materials usage, (d) direct labor costs incurred, (e) indirect labor costs incurred, (f) payment of factory payroll, (g) other overhead costs, (h) overhead applied, (0) goods transferred from production to finished goods, and () sale of finished goods. View transaction list Journal entry worksheet 1 2 3 4 6 7 8 11 Record purchase of raw materials. Note: Enter debits before credits. Date General Journal Debit Credit May 31 Record entry Clear entry View general journal LO Journal entry worksheet 7 2 4 5 6 8 11 Record payment of total factory payroll. Note: Enter debits before credits. Date General Journal Debit Credit May 31 Record entry Clear entry View general journal co LO st Journal entry worksheet 1 2 3 4 5 7 8 11 Record other overhead costs incurred (credit Other accounts) Note: Enter debits before credits. Date General Journal Debit Credit May 31 Record entry Clear entry View general journal Journal entry worksheet