Part 1

Part 2

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 Beginning Ending Raw materials inventory Work in process inventory-Weaving Work in process inventory-Sewing Finished goods inventory Inventory Inventory $ 162,000 237,000 450,000 760,000 1,376,000 1,356, 000 480,000 575,000 The following additional information describes the company's manufacturing activities for June Raw materials purchases (on credit) Factory wages cost (paid in cash) Other factory overhead cost (Other Accounts credited) Materials used $ 505,000 3,200,000 214,000 Direct-Weaving Direct-Sewing Indirect $ 246,000 129,000 122,000 Labor used Direct-Weaving Direct-Sewing Indirect $1,250,000 370,000 1,800,000 Overhead rates as a percent of direct labor Weaving Sewing 85% 1608 Sales (on credit) $4,650,000 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, and (c) sale of finished goods