Question: Please fill in all Red Boxes - Thank you! IThe following information applies to the questions displayed below.j Sierra Company manufactures woven blankets and accounts
Please fill in all Red Boxes - Thank you!



IThe following information applies to the questions displayed below.j Sierra Company manufactures woven blankets and accounts for product costs using process costing. The following information is available regarding its May inventories. Ending Beginning Inventory Inventory 61,000 (65,500 Raw materials inventory 591,000 Goods in process inventory 400,500 603,000 Finished goods inventory 527,001 The following additional information describes the company's production activities for May 280,000 Raw materials purchases (on credit) Factory payroll cost (paid in cash) 1,543,000 52,000 Other overhead cost (Other Accounts credited Materials used 211,500 Direct 64,000 Indirect Labor used 790,000 Direct 753,000 Indirect 110% Overhead rate as a percent of direct labor $5,500,000 Sales (on credit) The predetermined overhead rate was computed at the beginning of the year as 110% of direct labor cost
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