Exercise 03-15 Recording product costs LO P1, P2, P3 1. Prepare journal entries dated June 30 to record: (a) raw materials purchases, (b) direct materials usage, (c) indirect materials usage, (d) direct labor usage, (e) indirect labor usage, (f) other overhead costs, (g) overhead applied, and (h) payment of total payroll costs. Pro-Weave manufactures stadium blankets by passing the products through a weaving department and a sewing department. The following information is available regarding its June inventories: Beginning Ending Inventory Inventory Raw materials inventory $160,000 $205,000 Work in process inventory 495,000 520,000 -Weaving Work in process inventory 710,000 980,000 -Sewing Finished goods inventory 1,286,000 1,426,000 The following additional information describes the company's manufacturing activities for June: Raw materials purchases (on credit) Factory payroll cost (paid in cash) $530,000 3,235,000 216,000 Other factory overhead cost (Other Accounts credited) Materials used Direct-Weaving Direct-Sewing Indirect Labor used Direct-Weaving Direct-Sewing Indirect Overhead rates as a percent of direct $318,000 132,000 156,000 $1,250,000 410,000 1,575,000 labor Weaving Sewing Sales (on credit) 85 % 165 % $4,350,000