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 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.

image text in transcribed

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 entered

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_2

Step: 3

blur-text-image_3

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

Business Accounting

Authors: Frank Wood, Alan Sangster

7th Edition

0273619829, 9780273619826

More Books

Students also viewed these Accounting questions