Prepare summary journal entries dated May 31 to record the following production activities during May: (a) raw materials purchases, (b) direct materials usage, (c) indirect materials usage, (d) direct labor costs incurred, (e) indirect labor costs incurred, (f) payment of factory payroll, (g) other overhead costs, (h) overhead applied, (i) goods transferred from production to finished goods, and (j) sale of finished goods

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.
Raw materials purchases (on credit)..............................$290.000
Factory payroll cost (paid in cash)................................1,563,000
Other overhead cost (Other Accounts credited.....................48,000
Materials used
Direct......................................................................................$196,500
Indirect........................................................................................66,000
Labor used
Direct..................................................................$780,000
Indirect.................................................................783,000
Overhead rate as a percent of direct labor ...........................115%
Sales (on credit)..................................................................$4,500,000
The predetermined overhead rate was computed at the beginning of the year as 115% of direct labor cost.
2. Prepare summary journal entries dated May 31 to record the following production activities during May: (a) raw materials purchased. (b) direct materials usage, (C) direct materials usage, (d) direct labor costs incurred, (e) indirect labor costs incurred, (1) payment of factory payrol. (g) other overhead costs. (h) Overhead applied. (I) goods transferred from production to finished goods, and (j) sale of finished goods.

BeginningEnding Inventory Inventory $ 64,000 91500o Raw materials inventory Work in process inventory Finished goods inventory 9138 414,000 635,000 517,000 3,001 transaction list view transa Date 1. Record purchase of raw materials. 2. Record direct materials used in production. 3. Record indirect materials used in production. 4. Record direct labor cost incurred, but not yet paid. 5. Record indirect labor cost incurred, but not yet paid. 6. Record payment of total factory payroll. 7. Record other overhead costs incurred (credit Other accounts) 8. Record overhead applied at 115% of direct labor cost. 9. Record the transfer of completed products from production to finished goods inventory. 10. Record the sale of finished goods. 11. Record cost of goods sold for May. journal entry has been entered