Managerial Accounting

Required information [The following information applies to the questions displayed below] ProWeave 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 $ 168,000 $ 237,000 Work in process inventoryWeaving 345,000 330,000 Work in process inventorySewing 630,000 955,000 Finished goods inventory 1,346,000 1,366,000 The following additional information describes the company's manufacturing activities for June: Raw materials purchases (on credit) $ 565,000 Factory payroll cost (paid in cash) 3,240,000 Other factory overhead cost (Other Accounts credited) 200,000 Materials used DirectWeaving $ 242,000 DirectSewing 87,000 Indirect 178,000 Labor used DirectWeaving $1,250,000 DirectSewing 365,000 Indirect 1,625,000 Overhead rates as a percent of direct labor Weaving 90% Sewing 165% Sales (on credit) $4,550,000 1. Compute the (a) cost of products transferred from weaving to sewing, (b) cost of products transferred from sewing to nished 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 nished goods, and (cl) cost of goods sold. Required 1 Required 2 Compute the (a) cost of products transferred from weaving to sewing, (b) cost of products transferred from sewing to nished goods, and (c) cost of goods sold. __ _ Cost of goods sold _ Required 2 > 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 nished goods, (c) sale of finished goods, and (d) cost of goods sold. View journal entry worksheet A June 30 Work in process inventorySewing Work in process inventoryWeaving 4,550,000 Finished goods inventory