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
image text in transcribed
image text in transcribed
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: Raw materials inventory Work in process inventory-Weaving Work in process inventory-Sewing Finished goods inventory Beginning Inventory 5 156,000 475,000 570,000 1,286,000 Ending Inventory $ 30,000 380,000 975, eee 1,446, eee The following additional Information describes the company's manufacturing activities for June $ 680,000 3,330,000 166,000 $ 248,000 135,00 134,000 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) $1,375, eee 485,000 1,550,000 85% 165% $4,300,000 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. (c) sale of finished goods, and (d) cost of goods sold. Complete this question by entering your answers in the tabs below. Required 1 Required 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 Required 2 > Journal entry worksheet Record the goods transferred from weaving to sewing. Note: Enter debits before credits. General Journal Debit Credit Date June 30 Record entry Clear entry View general journal Journal entry worksheet >

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

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

Question

What is a solenoid?

Answered: 1 week ago

Question

How would you establish the value of learning this material?

Answered: 1 week ago

Question

How are the climates of Calgary and Iqaluit similar?

Answered: 1 week ago

Question

L A -r- P[N]

Answered: 1 week ago

Question

Which form of proof do you find most persuasive? Why?

Answered: 1 week ago