Required information Skip to question [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: Beginning Inventory Ending Inventory Raw materials inventory $ 140,000 $ 249,000 Work in process inventoryWeaving 485,000 495,000 Work in process inventorySewing 745,000 735,000 Finished goods inventory 1,486,000 1,466,000 The following additional information describes the companys manufacturing activities for June: Raw materials purchases (on credit) $ 525,000 Other actual overhead cost (paid in cash) 210,000 Materials used DirectWeaving $ 288,000 DirectSewing 87,000 Indirect 152,000 Labor used DirectWeaving $ 1,300,000 DirectSewing 415,000 Indirect 1,750,000 Overhead rates as a percent of direct labor Weaving 85% Sewing 150% Sales (on credit) $ 5,050,000

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 the 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 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. Hint: Compute the total production costs in each department and then subtract the ending inventory to get the amount transferred out of each department. Hint: Compute the total production costs in each department and then subtract the ending inventory to get the amount transferred out of each department.

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(a) Transferred to Sewing from Weaving
(b) Transferred to Finished Goods from Sewing
(c) Cost of goods sold

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.