Question
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:
Beginning Inventory | Ending Inventory | |
---|---|---|
Raw materials inventory | $ 120,000 | $ 285,000 |
Work in process inventoryWeaving | 485,000 | 365,000 |
Work in process inventorySewing | 735,000 | 740,000 |
Finished goods inventory | 1,406,000 | 1,206,000 |
The following additional information describes the companys manufacturing activities for June:
Raw materials purchases (on credit) | $ 635,000 |
---|---|
Other actual overhead cost (paid in cash) | 156,000 |
Materials used | |
DirectWeaving | $ 314,000 |
DirectSewing | 114,000 |
Indirect | 138,000 |
Labor used | |
DirectWeaving | $ 1,250,000 |
DirectSewing | 480,000 |
Indirect | 1,525,000 |
Overhead rates as a percent of direct labor | |
Weaving | 85% |
Sewing | 160% |
Sales (on credit) | $ 5,050,000 |
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.
Can I get assistance in the above 7 record entries?
2 Record the usage of direct materials. 3 Record the usage of indirect materials. 4 Record the cost of direct labor incurred, but not yet paid. 5 Record the cost of indirect labor incurred, but not yet paid. 6 Record other overhead costs paid with cash. 7 Record the application of overhead. Note : = journal entry has been enteredStep by Step Solution
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