Production Process and Flow Costs Worksheet Problem 1 Solve the given problem based on the following information. Jordan Company's inventory records indicate the following information: Jordan Company Inventories (as of May 31) Inventory Beginning Inventory ($) Ending Inventory ($) Raw materials 72,000 110,000 Goods in process 156,000 250,000 Finished goods 160,000 198,000 Production activities for May (in $) Raw materials (credit purchases) 200,000 Company payroll cost (cash) 400,000 Miscellaneous overhead cost (other accounts credited) 170,500 Material Direct 120,000 Indirect 42,000 Labor Direct 350,000 Indirect 50,000 Overhead rate as a percent of direct labor 75% Sales on credit 1,000,000 Compute the cost of goods transferred from production to finished goods, and compute the cost of goods sold. Cost of Goods Transferred and Cost of Goods SoldRecord production activities for May 31 in the Summary Journal Entries table below. Summary Journal Entries A. May 31 Raw Materials Inventory B. May 31 Goods in Process Inventory C. May 31 Factory Overhead D. May 31 Factory Payroll E. May 31 Goods in Process Inventory F. May 31 Factory Overhead G. May 31 Factory Overhead H. May 31 Goods in Process Inventory May 31 Finished Goods Inventory May 31 Accounts Receivable May 31 Finished Goods Inventory