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 The following additional information describes the company's production activities for May. The predetermined overhead rate was computed at the beginning of the year as 115% of direct labor cost Compute the cost of products transferred from production to finished goods and cost of goods sold. Prepare summary journal entries dated May 31 to record the following production activities during May: raw materials purchases, direct materials usage, indirect materials usage, direct labor costs incurred, indirect labor costs incurred, payment of factory payroll, other overhead costs. overhead applied, goods transferred from production to finished goods, and sale of finished goods