Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Pro - Weave manufactures stadium blankets by passing the products through a weaving department and then a sewing department. The following information is available regarding

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 $ 194,000 $ 233,000
Work in process inventoryWeaving 450,000370,000
Work in process inventorySewing 630,000765,000
Finished goods inventory 1,466,0001,416,000
The following additional information describes the companys manufacturing activities for June:
Raw materials purchases (on credit) $ 625,000
Other actual overhead cost (paid in cash)160,000
Materials used
DirectWeaving $ 270,000
DirectSewing 96,000
Indirect 168,000
Labor used
DirectWeaving $ 1,400,000
DirectSewing 440,000
Indirect 1,725,000
Overhead rates as a percent of direct labor
Weaving 90%
Sewing 165%
Sales (on credit) $ 4,050,000
1. Prepare journal entries dated June 30 to record: (a) raw materials purchases, (b) direct materials used, (c) indirect materials used, (d) direct labor used, (e) indirect labor used, (f) other actual overhead costs, and (g) overhead applied.

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

Financial Accounting and Reporting

Authors: Barry Elliott, Jamie Elliott

14th Edition

978-0273744535, 273744445, 273744534, 978-0273744443

More Books

Students also viewed these Accounting questions

Question

Cite the characteristics of satisfying intimate relationships.

Answered: 1 week ago