Answered step by step
Verified Expert Solution
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: Raw materials inventory Work in process inventory-Weaving Work in process inventory-Sewing Finished goods inventory Beginning Inventory $ 176,000 335,000 685,000 1,466,000 Ending Inventory $ 241,000 465,000 750,000 1,256,000 The following additional information describes the company's manufacturing activities for June! $ 650,000 3,595,000 178,000 $ 264,000 120,000 194,000 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 Direct-Weaving Direct-Sewing Indirect Overhead rates as a percent of direct labor Weaving Sewing Sales (on credit) $1,350,000 595,000 1,650,000 85% 155% $5,450,000 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, (1) other overhead costs. (g) overhead applied, and (t) payment of total payroll costs View transaction list Journal entry worksheet 1 2 3 4 5 6 7 8 Record the purchase of raw materials on account. Weaving Sewing Sales (on credit) 85% 155% $5,450,000 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 payroll costs. View transaction list Journal entry worksheet 2 3 4 5 6 7 8 > 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 journal to search O
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started