The following additional information describes the company's manufacturing activities for June: 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 $ 500,000 3,060,000 156,000 $ 240,000 75,000 120,000 $1,200,000 Direct-Weaving Direct-Sewing 360,000 Indirect 1,500,000 Overhead rates as a percent of direct labor Weaving 80% Sewing 150% Sales (on credit) $4,000,000 Exercise 16-14 Production cost flow and measurement; journal entries LO P4 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, (c) sale of finished goods, and (d) cost of goods sold.