[moonkhan209]

Edison Company manufactures wool blankets and accounts for product costs using process costing. The following information is available regarding its May inventories.

Beginning
Inventory Ending
Inventory
Raw materials inventory $ 63,000 $ 43,000
Goods in process inventory 422,000 513,500
Finished goods inventory 608,000 523,001

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

Raw materials purchases (on credit) $ 270,000
Factory payroll cost (paid in cash) 1,561,000
Other overhead cost (Other Accounts credited) 81,000
Materials used
Direct $ 179,500
Indirect 78,000
Labor used
Direct $ 751,000
Indirect 810,000
Overhead rate as a percent of direct labor 110 %
Sales (on credit) $ 4,000,000
I am confused about how I can calculate the cost of good sold, and cost of product transferred. I tried about 100% times, but can't solve it. Will really appreciate any hint to solve this problem.