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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 June
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:
1. Prepare journal entries dated June 30 to record: (a) raw materials purchases, (b) direct materials used, (c) indirect materials used, (d) direct labor used, (e) indirect labor used, (f) other actual overhead costs, and (g) overhead applied.
Required information Use the following information for the Exercises below. (Static) [The following information applies to the questions displayed below.] 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: Beginning Inventory Ending Inventory Raw materials inventory $ 120,000 $ 185, 090 Work in process inventory-Weaving 300,090 330, 090 Work in process inventory-Sewing 570,090 700, 000 Finished goods inventory 1, 266,900 1, 206, 090 The following additional information describes the company's manufacturing activities for June: Raw materials purchases (on credit) $ 500, 000 Other actual overhead cost (paid in cash) 156, 090 Materials used Direct-weaving $ 240, 090 Direct-Sewing 75, 000 Indirect 120, 090 Labor used Direct-Weaving $ 1, 200, 090 Direct-Sewing 360, 090 Indirect 1, 224, 000 Overhead rates as a percent of direct labor Weaving 80% Sewing 150% Sales (on credit) $ 4, 000, 090Journal entry worksheet 2 4 5 6 > Record the purchase of raw materials on account. Note: Enter debits before credits. Transaction General Journal Debit Credit (a) Record entry Clear entry View general journalJournal entry worksheet 2 4 5 6 Record the usage of direct materials. Note: Enter debits before credits. Transaction General Journal Debit Credit (b) Record entry Clear entry View general journalJournal entry worksheet A N 4 5 6 Record the usage of indirect materials. Note: Enter debits before credits. Transaction General Journal Debit Credit (C) Record entry Clear entry View general journalJournal entry worksheet 2 3 4 5 6 7 Record the cost of direct labor incurred, but not yet paid. Note: Enter debits before credits. Transaction General Journal Debit Credit (d) Record entry Clear entry View general journalJournal entry worksheetStep by Step Solution
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