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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 $ 164,000 315, 000 720, 000 1,476, 000 Ending Inventory $ 249, e00 445, 000 805, 000 1,446, 000 Raw naterials inventory Work in process inventory-Weaving Work in process inventory-Sewing Finished goods inventory The following additional information describes the company's manufacturing activities for June: $520, 000 3, 230, 000 210,000 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) $ 304, 000 75, 000 142, 000 $1, 250, 009 410, 000 1,550, 000 85% 150% $5, 450, 800 1. Compute the (a) cost of products transferred from weaving to sewing. (b) cost of products transferred from sewing to finishe and (c) cost of goods sold. 2. Prepare journal entries dated June 30 to record (a) goods transferred from weaving to sewing. (b) goods transferred from sa finished goods, (c) sale of finished goods, and (d) cost of goods sold. 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. (a) Sewing (b) Finished Goods (c)Cost of goods sold Required 2 Required 1 quired 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 > C D B A Record the goods transferred from weaving to sewing. Note Enter debits bedore credits Credit Debit General Journal Date June 30 View general journal Clear entry Record entry Next Journal entry worksheet > A B C D Record the goods transferred from sewing to finished goods. Note: Enter debits before credits. Credit Debit General Journal Date June 30 View general journal Clear entry Record entry
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