[The following Information applies to the questions displayed below.) Edison Company manufactures wool blankets and accounts for product costs using process costing. The following information is available regarding its May inventories. Raw materials inventory Goods in process inventory Finished goods inventory Beginning Inventory $ 28,000 220,750 319,000 Ending Inventory $ 25,500 252,000 277,000 The following additional information describes the company's production activities for May. $ 135,000 791,500 43,000 $ Raw materials purchases (on credit) Factory payroll cost (paid in cash) Other overhead cost (Other Accounts credited) Materials used Direct Indirect Labor used Direct Indirect Overhead rate as a percent of direct labor Sales (on credit) 93,500 31,000 $ 352,000 439,500 110% $ 1,500,000 The predetermined overhead rate was computed at the beginning of the year as 110% of direct labor cost. Required: 1(a) Compute the cost of products transferred from production to finished goods. (Omit the "$" sign in your response.) Cost of products transferred $ 1(b) Compute the cost of goods sold. (Omit the "$" sign in your response.) Cost of goods sold 2. value 10.00 points 2(a) Prepare journal entry dated May 31 to record the raw materials purchases. (Omit the "$" sign in your response.) Debit Credit Date May 31 General Journal (Click to select) (Click to select) 2(b)Prepare journal entry dated May 31 to record the direct materials usage. (Omit the "S" sign in your response.) Debit Credit Date May 31 General Journal (Click to select) (Click to select) 2(c) Prepare journal entry dated May 31 to record the indirect materials usage. (Omit the "$" sign in your response.) Debit Credit Date May 31 General Journal (Click to select) (Click to select) 2(d) Prepare journal entry dated May 31 to record the payroll costs. (Omit the "S" sign in your response.) Debit Credit Date May 31 General Journal (Click to select) (Click to select) 2(e)Prepare journal entry dated May 31 to record the direct labor costs. (Omit the "S" sign in your response.) Debit Credit Date May 31 General Journal (Click to select) (Click to select) 2(1) Prepare journal entry dated May 31 to record the indirect labor costs. (Omit the "S" sign in your response.) Debit Credit Date May 31 General Journal (Click to select) (Click to select) 2(g) Prepare journal entry dated May 31 to record the other overhead costs. (Omit the "$" sign in your response.) Debit Credit Date May 31 General Journal (Click to select) (Click to select) 2(h) Prepare journal entry dated May 31 to record the overhead applied. (Omit the "$" sign in your response.) Debit Credit Date May 31 General Journal (Click to select) (Click to select) 2(1) Prepare journal entry dated May 31 to record the goods transferred from production to finished goods. (Omit the "$" sign in your response.) Debit Credit Date May 31 General Journal (Click to select) (Click to select) 2() Prepare journal entry dated May 31 to record the sale of finished goods. (Omit the "$" sign in your response.) Debit Credit Date May 31 General Journal (Click to select) (Click to select) (Click to select) (Click to select)