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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
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 Ending Inventory $ 273, Beginning Inventory $ 126 , Raw materials inventory Work in process inventory-Weaving Work in process inventory-Sewing Finished goods inventory 425, 575, 1,356, 000 1,476, 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 $ 570, 000 3,445, 000 194, Direct-Weaving Direct-Sewing Indirect 274,000 123, 000e 122, Labor used Direct-Weaving Direct-Sewing Indirect $1,250, 000 1,725,000 overheand rates as a percent of sirect labor Weaving Sewing 85% 165% Sales (on credit) $4,700,000 Exercise 20-14 Production cost flow and measurement; journal entries LO P1, P2, P3, P4 . 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. Complete this question by entering your answers in the tabs Required 1Required 2 Required information 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 $ 2,566,500 Required 2 Required 1 Required information Journal entry worksheet 4 Record the goods transferred from weaving to sewing. Note: Enter debits before credits General Journal Debit Credit Date June 30
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