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

beginning
inventory ending
inventory
raw materials inventory $ 62,000 $ 104,500
work in process inventory 423,000 543,000
finished goods inventory 608,000 1,001

the following additional information describes the company's production activities for may.

raw materials purchases (on credit) $ 280,000
factory payroll cost (paid in cash) 1,558,000
other overhead cost (other accounts credited) 37,000
materials used
direct $ 173,500
indirect 64,000
labor used
direct $ 790,000
indirect 768,000
overhead rate as a percent of direct labor 110 %
sales (on credit) $ 4,500,000
the predetermined overhead rate was computed at the beginning of the year as 110% of direct labor cost.

1. compute the cost of products transferred from production to finished goods and cost of goods sold.

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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, (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.

date general journal debit credit
may 31 raw materials inventory 280,000
accounts payable 280,000
may 31 work in process inventory 173,500
raw materials inventory 173,500
may 31 factory overhead 64,000
raw materials inventory 64,000
may 31 work in process inventory 790,000
factory payroll payable 790,000
may 31 factory overhead 768,000
factory payroll payable 768,000
may 31 factory payroll payable 1,558,000
cash 1,558,000
may 31 factory overhead 37,000
other accounts 37,000
may 31 work in process inventory 869,000
factory overhead 869,000
may 31 finished goods inventory
work in process inventory
may 31 accounts receivable 4,500,000
sales 4,500,000
may 31 cost of goods sold
finished goods inventory