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 Beginning Inventory Ending Raw materials inventory Goods in process inventory Finished goods inventory Inventory $51,000 46,000 539,000 28,001 423,000 630,000 The following additional information describes the company's production activities for May Raw materials purchases (on credit) Factory payroll cost (paid in cash) Other overhead cost (Other Accounts credited $ 270,000 2,083,600 92,000 Materials used $ 167,500 60,000 Direct Indirect Labor used Direct Indirect $ 1,263,600 820,000 130% 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 130% of direct labor best. 10.00 points Required: 20