Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

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:

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 $ 190,000 $ 189,000 Work in process inventoryWeaving 385,000 445,000 Work in process inventorySewing 690,000 730,000 Finished goods inventory 1,316,000 1,356,000 The following additional information describes the companys manufacturing activities for June: Raw materials purchases (on credit) $ 515,000 Factory wages cost (paid in cash) 3,340,000 Other factory overhead cost (Other Accounts credited) 192,000 Materials used DirectWeaving $ 256,000 DirectSewing 96,000 Indirect 174,000 Labor used DirectWeaving $ 1,275,000 DirectSewing 515,000 Indirect 1,550,000 Overhead rates as a percent of direct labor Weaving 90 % Sewing 165 % Sales (on credit) $ 4,300,000

1. Prepare journal entries dated June 30 to record: (a) raw materials purchases, (b) direct materials usage, (c) indirect materials usage, (d) direct labor usage, (e) indirect labor usage, (f) other overhead costs, (g) overhead applied, and (h) payment of total wages costs.

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Information For Decision Making Readings In Cost And Managerial Accounting

Authors: Alfred Rappaport

3rd Edition

0134643542, 978-0134643540

More Books

Students also viewed these Accounting questions

Question

List the different categories of international employees. page 689

Answered: 1 week ago