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 $ 120,000 300,000 570,000 1,266,000 Ending Inventory $ 185,000 330,000 700,000 1,206,000 The following additional information describes the company's manufacturing activities for June: $ 500,000 156,000 $ 240,000 75,000 120,000 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) $ 1,200,000 360,000 1,224,000 80% 150% $ 4,000,000 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. Hint: Compute the total production costs in each department and then subtract the ending inventory to get the amount transferred out of each department. 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. Hint: Compute the total production costs in each department and then subtract the ending inventory to get the amount transferred out of each department. Hint: Compute the total production costs in each department and then subtract the ending inventory to get the amount transferred out of each department. Show less A (a) Transferred to Sewing from Weaving (b) Transferred to Finished Goods from Sewing Required 1 Required 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. View transaction list Journal entry worksheet A B C D Record the goods transferred from weaving to sewing. Record the goods transferred from weaving to sewing. Note: Enter debits before credits. Date General Journal Debit Credit June 30 Accounts payable Accounts receivable Cash Common stock n Cost of goods sold Factory overhead Factory wages payable Finished goods inventory General and administrative expenses Paid-in capital in excess of par value, Common stock Raw materials inventory Retained earnings Sales Selling expenses Retained earnings Sales Selling expenses Work in process inventory-Sewing Work in process inventory-Weaving Record the sales on credit. Note: Enter debits before credits. Date General Journal Debit Credit June 30 Record the cost of goods sold. Note: Enter debits before credits. Date General Journal Debit Credit June 30