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need help woth these journal entries and other small question Raw materials inventory Work in process inventory-Weaving Work in process inventory-Sewing Finished goods inventory Beginning
need help woth these journal entries and other small question
Raw materials inventory Work in process inventory-Weaving Work in process inventory-Sewing Finished goods inventory Beginning Inventory $ 174,000 345,000 715,000 1,306,000 Ending Inventory $ 281,000 48 , 755,000 1,336,000 The following additional Information describes the company's manufacturing activities for $ 620,000 3,505,000 182,000 $ 290, eee 78, 132,000 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) $1,250,000 5 505,000 1,750,000 80% 160% $5,150,000 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 Required 1 Required 2 Prepare Journal entries dated June 30 to record (6) 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. Journal entry worksheet Record the cost of goods sold. lote: Enter debits before credits. Date General Journal Debit Credit June 30 Clear entry Record entry View general Journal Step by Step Solution
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