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Need Help, asap. please thank you Pro-Weave manufactures stadium blankets by passing the products through a weaving department and then a sewing department. The following
Need Help, asap. please thank you
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: Beginning Inventory Ending Inventory Raw materials inventory $ 148,000 $ 245,000 Work in process inventory-Weaving 460,000 505,000 Work in process inventory-Sewing 660,000 705,000 Finished goods inventory 1,406,000 1,446,000 The following additional information describes the company's manufacturing activities for June: $ 565,000 160,000 $ 306,000 78,000 164,000 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) $ 1,375, 088 395,000 1,625.000 85% 165% $ 4,600,000 Exercise 16-24 (Algo) Entries for transfer of goods across departments LO P4 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 froi 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 Resuired Required 2 > Required 1 Required 2 Prepare journal entries dated June 30 to record (a) goods transferred from weaving to sewing, (b) goods finished goods, (c) sale of finished goods, and (d) cost of goods sold. View transaction list Journal entry worksheet B D 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 Journal entry worksheet B B C D > Record the goods transferred from sewing to finished goods. Note: Enter debits before credits. Date General Journal Debit Credit June 30 Record entry Clear entry View general journal Journal entry worksheet A B D > Record the sale on credit. Note: Enter debits before credits. General Journal Date June 30 Debit Credit Record entry Clear entry View general journal Journal entry worksheet Step by Step Solution
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