Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Required information Use the following information for the Exercises below. (The following information applies to the questions displayed below.) Pro-Weave manufactures stadium blankets by passing

image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
Required information Use the following information for the Exercises below. (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: Beginning Ending Inventory Inventory Raw materials inventory $ 168,000 $ 221,000 Work in process inventory-Weaving 310,000 450,000 Work in process inventory-Sewing 695,000 835,000 Pinished goods inventory 1,306,000 1,246,000 The following additional information describes the company's manufacturing activities for June: $ 595,000 3,370,000 200,000 Raw materials purchases (on credit) Factory payroll cont (paid in cooh) 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) $ 282,000 93,000 156,000 $1,275.000 470,000 1,625,000 90 1656 $4,750,000 Exercise 16-15 Recording product costs LO P1, P2, P3 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. View transaction list Journal entry worksheet 1 2 5 6 7 8 > Record the purchase of raw materials on account Note: Enter debits before credits General Journal Debit Credit Transaction (a) Record entry Clear entry View generat journal 13 GO View transaction list X 1 Record the purchase of raw materials on account. 2 Record the usage of direct materials. 3 Record the usage of indigct materials. 4 Record the cost of direct labor incurred, but not yet paid. Credit 5 Record the cost of indirect labor incurred, but not yet paid. 6 Record the cost of other overhead (credit Other accounts). 7 Record the application of overhead. Note: Journal entry has been entered (d) direct labor usage, (e) indirect labor usage, (f) other overhead costs, (g) overhead applied, and (h) paym View transaction list X 2 Record the usage of direct materials. 3 Record the usage of indirect materials. 4 Record the cost of direct labor incurred, but not yet paid. 5 Record the cost of indirect labor incurred, but not yet paid. Credit 6 Record the cost of other verhead (credit Other accounts). 7 Record the application of overhead. 8 Record the payment of total factory payroll. Note journal entry has been entered Record entry Clear entry View general journal

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

Step: 3

blur-text-image

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

ISE Managerial Accounting

Authors: Stacey M. Whitecotton, Robert Libby, Fred Phillips

5th Edition

1265117896, 9781265117894

More Books

Students also viewed these Accounting questions

Question

Explain the benefits of visualization. Critical T hinking

Answered: 1 week ago