Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

! Required information [The following information applies to the questions displayed below.] Pro-Weave manufactures stadium blankets by passing the products through a weaving department

image text in transcribed

! Required information [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 Ending Inventory $ 156,000 435,000 $ 185,000 465,000 635,000 1,396,000 895,000 1,296,000 The following additional information describes the company's manufacturing activities for June: Raw materials purchases (on credit) Other actual overhead cost (paid in cash) $ 695,000 158,000 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) $ 244,000 144,000 178,000 $ 1,250,000 545,000 1,650,000 85% 155% $ 5,150,000 1. Prepare journal entries dated June 30 to record: (a) raw materials purchases, (b) direct materials used, (c) indirect materials used, (d) direct labor used, (e) indirect labor used, (f) other actual overhead costs, and (g) overhead applied.

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_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Understanding Financial Accounting

Authors: Christopher Burnley, Robert Hoskin, Maureen Fizzell, Donald

1st Canadian Edition

1118849388, 9781119048572, 978-1118849385

More Books

Students also viewed these Accounting questions

Question

What is a stock warrant? How are they used by corporations?

Answered: 1 week ago