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 avallable regarding its May Inventories. Raw materials Inventory Goods In process Inventory FInished goods Inventory Beginning Inventory $ 70,000 419,000 631,000 Ending Inventory $40,000 537,500 125,001 The following additional Information describes the company's production activities for May Raw materials purchases (on credit) Factory payroll cost (pald In cash) Other overhead cost (Other Accounts credited) Materlals used $ 300,000 1,991,200 96,000 Direct Indirect $ 214,500 60,000 Labor used Direct Indirect $1,171,200 820,000 120% Overhead rate as a percent of direct labor Sales (on credit) $ 3,000,000 The predetermined overhead rate was computed at the beginning of the year as 120% of direct labor cost. 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 avallable regarding its May Inventories. Raw materials Inventory Goods In process Inventory FInished goods Inventory Beginning Inventory $ 70,000 419,000 631,000 Ending Inventory $40,000 537,500 125,001 The following additional Information describes the company's production activities for May Raw materials purchases (on credit) Factory payroll cost (pald In cash) Other overhead cost (Other Accounts credited) Materlals used $ 300,000 1,991,200 96,000 Direct Indirect $ 214,500 60,000 Labor used Direct Indirect $1,171,200 820,000 120% Overhead rate as a percent of direct labor Sales (on credit) $ 3,000,000 The predetermined overhead rate was computed at the beginning of the year as 120% of direct labor cost