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

image text in transcribed

image text in transcribed

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 Ending Inventory 261 198 475 690 Raw materials inventory 540 Work in process inventory.Weaving Work in process inventorySewing Finished goods inventory 860 1.406 1,296 The following additional information describes the company's manufacturing activities for June: 700 505 216 Raw materials purchases (on credit) Factory wages cost (paid in cash) Other factory overhead cost (Other Accounts credit Materials used 296 81 156 Indirect Labor used 400 505 600 Indirect ead rates as a percent of direct labor Weaving Sewing Sales (on credit) Overh 170% 950,000 1. 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. 2. Prepare journal entries dated June 30 to record (a) goods transferred from weaving to sewing, (b) goods transferred from sewing to finished goods, and (c) sale of finished goods Required 1Required 2 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 Record the goods transferred from weaving to sewing. Note: Enter debits before credits Date General Journal Debit Credit June 30 Record the goods transferred from weaving to sewing. 1 2 Record the goods transferred from sewing to finished goods. 3 Record the sale of goods on account. 4 Record the cost of goods sold

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access with AI-Powered 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

Students also viewed these Accounting questions