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 its June

image text in transcribed

image text in transcribed

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 $ 140,000 475,000 625,000 1,306,000 Ending Inventory $ 189,000 420,000 950,000 1,316,000 The following additional information describes the company's manufacturing activities for June: $ 680,000 206,000 $ 300,000 117,000 180,000 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) $ 1,200,000 530,000 1,575,000 85% 160% $ 5,400,000 1. Prepare journal entries dated June 30 to record: (a) raw materials purchases, (b) direct materials used, (c) indirect materials used, direct labor used, (e) indirect labor used, (f) other actual overhead costs, and (g) overhead applied. View transaction list Journal entry worksheet Record the purchase of raw materials on account. Note: Enter debits before credits. Transaction General Journal Debit Credit (a)

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

Operational Guidelines For Postmortem Examinations And Auditing

Authors: O.P. Murty, O.P Murty

1st Edition

8123924437, 978-8123924434

More Books

Students also viewed these Accounting questions