Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

please answer fast! :) thanks Required Information [The following information applies to the questions displayed below] Pro-Weave manufactures stadium blankets by passing the products through

please answer fast! :) thanks
image text in transcribed
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 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 $ 162,000 430, cea 680, es 1,366,000 Ending Inventory $265.000 545,800 845,000 1,476,000 The following additional Information describes the company's manufacturing activities for June 5 520,000 202.000 $ 270,000 117,000 142.000 Raw materials purchases (on credit) uchen actual overhead cost (paid in cash) Materials used Direct-weaving Direct-Seine Indirect Laborised Direct-eaving Direct-swine Indirect ovehond rates as a percent of direct labor Weaving Sewing Sales (on credit) 11,350,000 525,000 1,800,000 BSX 165 15,100.000 Required: 1. Compute the (a) cost of products transferred from weaving to sewing. D cost of products transferred from sewing to finished goods, and (0) 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 entres dated June 30 to record () goods transferred from weaving to sewing, (D) 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 owing to finished

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Fundamental Managerial Accounting Concepts

Authors: Edmonds, Tsay, olds

6th Edition

71220720, 78110890, 9780071220729, 978-0078110894

More Books

Students also viewed these Accounting questions