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Sierra Company manufactures woven blankets and accounts for product costs using process costing. Data below...

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Accounting

Sierra Company manufactures woven blankets and accounts for product costs using process costing. Data below are for one of its processing departments. The following information is available regarding its May inventories Beginning Inventory Ending Inventory Raw materials inventory $60,000 $92,000 Work in process inventory 413,500 595,000 Finished goods inventory 633,000 591,000 The following additional information describes the company's production activities for May. Raw materials purchases (on credit) $270,000 Factory wages cost (paid in cash) 1,597,000 Other overhead cost (Other Accounts credited) 63,000 Materials used Direct $178,000 Indirect 60,000 Labor used Direct $800,000 Indirect 797,000 Overhead rate as a percent of direct labor 115% Sales (on credit) $6,500,000 The predetermined overhead rate was computed at the beginning of the year as 115% of direct labor cost. rev: 09_05_2017_QC_CS-97362 Problem 20-1A Part 1 Required: 1. Compute the cost of products transferred from production to finished goods and cost of goods sold.

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