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 and a

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 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 $ 132,000 490,000 580,000 1,376,000 Ending Inventory $ 245,000 430,000 895,000 1,426,000 The following additional information describes the company's manufacturing activities for June: $ 665,000 3,540,000 170,000 $ 246,000 108,000 128,000 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) $1,300,000 540,000 1,700,000 80% 160% $5,400,000 1. Prepare journal entries dated June 30 to record: (a) raw materials purchases, (b) direct materials usage, (c) indirect materials usage, (d) direct labor usage, (e) indirect labor usage, (f) other overhead costs, (g) overhead applied, and (h) payment of total payroll costs

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

More Books

Students also viewed these Accounting questions

Question

5. List the forces that shape a groups decisions

Answered: 1 week ago

Question

4. Identify how culture affects appropriate leadership behavior

Answered: 1 week ago