Exercise 16-14 Production cost flow and measurement

compute cost transferred

A) record goods transferred from weaving to sewing

B) record goods transferred from sewing to finished goods

C) record the sale of goods on account

D) record the COGS

Use the following intormation for the Exercises below. [The following information applies to the questions displayed below.] 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 $ 140,000 $225,000 Work in process inventory-Weaving 305,000 395,000 Work in process inventory-Sewing 645,000 705,000 Finished goods inventory 1,436,000 1,336,000 The following additional information describes the company's manufacturing activities for June: $570,000 3,220,000 190,000 Raw materials purchases (on credit) Factory payroll cost (paid in cash) Other factory overhead cost (other Accounts credited) Materials used Direct-leaving Direct-Sewing Indirect Labor used Direct-Weaving Direct-Sewing Indirect Overhead rates as a percent of direct labor Weaving Sewing Sales (on credit) 304,000 120,000 152,000 $1,300,000 450,000 1,600,000 90% 155% $5, 350,000 Exercise 16-14 Production cost flow and measurement; journal entries LO P4 1. Compute the (n) 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. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Compute the () cost of products transferred from weaving to sewing, (b) cost of products transferred from sewing to finished goods, and (c) cost of goods sold. (a) Sewing 0) Finished Goods (c) Cost of goods sold Required 2 > Required 1 Required 2 Prepare journal entries dated June 30 to record () 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. View transaction list Journal entry worksheet