Hi-- This is a 3 part question. please answer each section. Thanks!
Required information (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: Raw materials inventory Work in process inventory-Weaving Work in process inventory-Sewing Finished goods inventory Beginning Inventory $ 134,000 475,000 720,000 1,346,000 Ending Inventory $ 209,000 470,000 730,000 1,256,000 The following additional information describes the company's manufacturing activities for June: $ 605,000 3,735,000 162,000 $ 278,000 120,000 188,000 Raw materials purchases (on credit) Factory payroll cost (paid in cash) 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 labor Weaving Sewing Sales (on credit) $1,400,000 560,000 1,775,000 80% 160% $5,200,000 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. Complete this question by entering your answers in the tabs below. Required 1 Required 2 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. (a) Sewing (b) Finished Goods (c) Cost of goods sold 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. Complete this question by entering your answers in the tabs below. Required 1 Required 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. View transaction list Journal entry worksheet Record the goods transferred from weaving to sewing. Note: Enter debits before credits. Date General Journal Debit Credit June 30 Record entry Clear entry View general journal Record the cost of goods sold. Note: Enter debits before credits. Date General Journal Debit Credit June 30 Record entry Clear entry View general journal 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. View transaction list Journal entry worksheet 1 2 3 4 5 6 7 8 Record the purchase of raw materials on account. Note: Enter debits before credits. General Journal Debit Credit Transaction (a) Record entry Clear entry View general journal Journal entry worksheet Record the usage of indirect materials. Note: Enter debits before credits. General Journal Debit Credit Transaction (c) Record entry Clear entry View general journal Journal entry worksheet Record the cost of direct labor incurred, but not yet paid. Note: Enter debits before credits. General Journal Debit Credit Transaction (d) Record entry Clear entry View general journal Journal entry worksheet Record the cost of indirect labor incurred, but not yet paid. Note: Enter debits before credits. General Journal Debit Credit Transaction (e) Record entry Clear entry View general journal Journal entry worksheet Record the application of overhead. Note: Enter debits before credits. General Journal Debit Credit Transaction (9) Record entry Clear entry View general journal Journal entry worksheet
