Chapter 16 0 Required information Problem 16-1A Production cost flow and measurement, journal entries LO P1, P2, P3, P4 The folowing information applies to the questions displayed below) Sierra Company manufactures woven blankets and accounts for product costs using process costing. Data below are for Part 2 of 2 points one of its processing departments. The following information is available regarding its May inventories Raw naterials inventory Work in process inventory Finished goods anventory Beginning Ending Inventory Invento 62,000$49,000 406, 000 533,000 618.000 528, 000 Prine The following additional information describes the company's production activities for May Ray naterlals purchases (on eredit) Factory ages cont (pald in cash) Other ovechead coat (0ther Accounts credited 260, 000 1,557,000 30.000 eferences 191,000 82, 000 Indirece Labor used Dszect 780, 000 777,000 115 2, 500, 000 Indirecte Overhead rate as a percent or direat labor Sales (on credit) The predetermined overhead rate was computed at the beginning of the year as ISS of direct labor cost. Problem 16-1A Part 2 2. 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, () payment of