Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Required information [The following information applies to the questions displayed below) manufactures sta the products through a weaving department and a sewing department. The following
Required information [The following information applies to the questions displayed below) manufactures sta the products through a weaving department and a sewing department. The following information is available regarding its June inventories Beginning Ending Inventory Invento 184,80e 285,eee 485,e00 765,0ee 1,326,eee 1,356,e00 ory Work in Work in process inventory-Sewing Finished goods inventory 315,800 695,8e0 ng The following additional information describes the company's manufacturing activities for June: Raw materials purchases (on credit) Factory wages cost (paid in cash) Other factory overhead cost (Other Accounts credited) Materials used 3,42e,eee 198,000 Direct-Sewing Indirect $ 248,0ee 81,000 152,8e0 Labor used Direct-Weaving Direct-Sewing Indirect $1,300, e8e 470,000 1,580,006 158% Sewing Sales (on credit) $4,600,808 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, and (c) sale of finished goods. Complete this question by entering your answers in the tabs below
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access with AI-Powered Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started