Q5 project 2

Use the following information for the Exercises below. (Algo) [The following information applies to the questions displayed below.] 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: Raw materials inventory Work in process inventory-Weaving Work in process inventory-Sewing Finished goods inventory Beginning Inventory $ 168,000 375,000 720,000 1,316,000 Ending Inventory $ 249,000 415,000 745,000 1,396,000 The following additional information describes the company's manufacturing activities for June: $ 690,000 162,000 Raw materials purchases (on credit) Other actual overhead cost (paid in cash) Materials used Direct-Weaving Direct-Sewing Indirect Labor used Direct-Weaving Direct-Sewing Indirect Overhead rates as a percent of direct labor $ 262,000 105,000 128,000 $ 1,325,000 550,000 1,525,000 Maleriais useu $ 262,000 105,000 128,000 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) $ 1,325,000 550,000 1,525,000 90% 160% $ 4,100,000 Exercise 3-24 (Algo) Entries for transfer of goods across departments LO P4 Required: 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. Hint. Compute the total production costs in each department and then subtract the ending inventory to get he amount transferred out of each department. 2. Prepare journal entries dated June 30 to record (a) goods transferred from weaving to sewing, (b) goods transferred from sewing to inished 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) Transferred from Weaving to Sewing (b) Transferred from Sewing to Finished Goods (c) Cost of goods sold Required 1 Required 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 A B D > Record the goods transferred from weaving to sewing. Note: Enter debits before credits. Total assets $ 0 Liabilities Total liabilities O Equity 0 Total equity Total liabilities and equity $ 0 A B C D > Record the goods transferred from weaving to sewing. Note: Enter debits before credits. Date General Journal Debit Credit June 30 A B Record the goods transferred from sewing to finished goods. Note: Enter debits before credits. General Journal Debit Credit Date June 30