[The following information applies to the questions displayed below] 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 Raw materials inventory Work in process inventory Finished goods inventory Beginning Inventory S 61,000 419,500 614,000 Ending Inventory $ 70,500 531,000 430,001 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 280,000 1,541,000 67,500 credited) Materials used Direct Indirect 180,500 90,000 Labor used Direct Indirect 790,000 751,000 115% Overhead rate as a percent of direct labor Sales (on credit) 5,500,000 The predetermined overhead rate was computed at the beginning of the year as 115% of direct labor cost