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The following additional information describes the companys manufacturing activities for June: Raw materials purchases (on credit) $ 590,000 Other actual overhead cost (paid in cash)

The following additional information describes the companys manufacturing activities for June:

Raw materials purchases (on credit) $ 590,000
Other actual overhead cost (paid in cash) 172,000
Materials used
DirectWeaving $ 310,000
DirectSewing 78,000
Indirect 162,000
Labor used
DirectWeaving $ 1,275,000
DirectSewing 540,000
Indirect 1,625,000
Overhead rates as a percent of direct labor
Weaving 90%
Sewing 160%
Sales (on credit) $ 4,700,000

rev: 05_27_2021_QC_CDR-376

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.

3. 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

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