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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
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 Ending Inventory $ 132,000 $ 261,000 495,000 430,000 785,000 1,336,000 610,000 1,356,000 The following additional information describes the company's manufacturing activities for June: 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) $ 530,000 156,000 $ 270,000 120,000 144,000 $ 1,300,000 450,000 1,625,000 80% 160% $ 5,450,000 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) Transferred from Weaving to Sewing (b) Transferred from Sewing to Finished Goods (c) Cost of goods sold < Required 1 Required 2 >
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