Refer to the information in Exercise 20-24. Prepare journal entries dated June 30 to record 

(a) Raw materials purchases, 

(b) Direct materials used, 

(c) Indirect materials used, 

(d) Direct labor used, 

(e) Indirect labor used, 

( f ) Other actual overhead costs, and 

(g) Overhead applied.

Data From Exercise 20-24

Pro-Weave manufactures stadium blankets by passing the products through a Weaving department and then a Sewing department. The following information is available regarding its June inventories.

The following additional information describes the company’s manufacturing activities for June.

Required

1. Compute the 

(a) Cost of products transferred from Weaving to Sewing, 

(b) Cost of products transferred from Sewing to finished goods, and 

(c) Cost of goods sold.  

2. Prepare journal entries dated June 30 to record 

(a) Goods transferred from Weaving to Sewing, 

(b) Goods transferred from Sewing to finished goods, 

(c) Sale of finished goods, and (d) cost of goods sold.

Transcribed Image Text:

Beginning Inventory Ending Inventory Raw materials inventory..... $ 120,000 $ 185,000 Work in process inventory-Weaving .. 300,000 330,000 Work in process inventory-Sewing ... Finished goods inventory.... 570,000 700,000 1,266,000 1,206,000