Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Chapter 3 question 11 part 2I'm confused by this. How do you do a journal entry dated June 30 to record goods transferred from weaving

Chapter 3 question 11 part 2I'm confused by this. How do you do a journal entry dated June 30 to record goods transferred from weaving to sewing, goods transferred from sewing to finished goods, sale of finished goods, and cost of goods sold?

image text in transcribed
Check my work I ne following additional Information describes the company s manufacturing activities for June. Raw materials purchases (on credit) $ 595,000 Factory payroll cost (paid in cash) 3,425, 000 2 Other factory overhead cost (Other Accounts credited) 196, 000 Materials used Direct-Weaving $ 252, 000 Direct-Sewing 123, 000 Indirect 138, 000 Labor used Direct-Weaving $1, 300,000 Direct-Sewing 500, 000 Indirect 1, 625, 060 ok Overhead rates as a percent of direct labor Weaving 90% Sewing 155% Sales (on credit) $4, 600, 000 nt 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. Prev

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Advanced Accounting

Authors: Debra C. Jeter, Paul K. Chaney

7th edition

1119373204, 9781119373254 , 978-1119373209

More Books

Students also viewed these Accounting questions