Homework Saved Route REVIOU [The following information applies to the questions displayed below.] 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: Raw materials inventory Work in process inventory-Weaving Work in process inventory-Sewing Finished goods inventory. Beginning Inventory $ 146,000 435,000 710,000 1,356,000 Ending Inventory $ 201,000 465,000 740,000 1,296,000 The following additional information describes the company's manufacturing activities for June: Raw materials purchases (on credit) Other actual overhead cost (paid in cash) 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) $ 555,000 200,000 $ 280,000 114,000 148,000 $ 1,225,000 430,000 1,775,000 85% 160% $ 4,650,000 Help 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. Hint. Compute the total production costs in each department and then subtract the ending inventory to get the amount transferred out of each department. 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 vour answers in the tabs below. Direct-Sewing Indirect Overhead rates as a percent of direct labor Weaving Sewing Sales (on bredit)) 1,775,000 85% 160 $ 4,650,000 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. Hint. Compute the total production costs in each department and then subtract the ending inventory to get the amount transferred out of each department. 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) Transferred from Weaving to Sewing (b) Transferred from Sewing to Finished Goods (c) Cost of goods sold 5. Homework Required information Required required Saved 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 A B C D Record the goods transferred from weaving to sewing. Note: Enter debits before,credits. Date June 301 General Journal Debit Credit Record entry Clear entry View general journal < Prev 15 16 of 16 Next He