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 Prepare journal entry