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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
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: Beginning Inventory Ending Inventory Raw materials inventory Work in process inventory-Weaving Work in process inventory-Sewing Finished goods inventory $ 146,00 $ 245,000 370,000 735,000 1,496,000 435,000 860,000 1,256,000 The following additional information describes the company's manufacturing activities for June: Raw materials purchases (on credit) Factory payroll cost (paid in cash) Other factory overhead cost (Other Accounts credited) Materials used Direct-Weaving Direct-Sewing Indirect Labor used $ 640,000 3,560,000 180,000 $ 268,000 138,000 192,000 Direct-Weaving $1,225,000 Direct-Sewing 560,000 Indirect 1,775,000 Overhead rates as a percent of direct labor 804 Weaving 160% Sewing Sales (on credit) $5,000,000 1. 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, (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 sewing to finished goods, and (c) cost of goods sold.
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