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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 $ 142,000 $ 261,000 330,000 665,000 1,336,000 470,000 720,000 1,246,000 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 $ 545,000 3,580,000 178,000 $ 278,000 132,000 188,000 $1,300,000 Direct-Weaving Direct-Sewing 555,000 Indirect 1,725,000 Overhead rates as a percent of direct labor Weaving 80% Sewing 165% Sales (on credit) $4,500,000 Compute the (a) cost of products transferred from weaving to sewing, (b) cost of products transferred from sewing to finished goods, nd (c) cost of goods sold. .Prepare iournal entries dated June 30 to record (a) goods transferred from weaving to sewing. (b) goods transferred from sewing to
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