Question

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: Raw materials inventory Work in process inventory-Weaving Work in process inventory-Sewing Finished goods inventory Beginning Inventory $ 178, eee 470, eee 745, eee 1,356, Ending Inventory $ 241, eee 5 2e, eee 920, eee 1,446, eee The following additional information describes the company's manufacturing activities for June: $ 540,000 3,675,000 192, eee $ 388,000 123,000 142, eee Raw materials purchases (on credit) Factory wages 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) $1,350, eee 575,000 1,750,000 85% 155% $4,650,000

Answer 1

Refer the below images for the above mentioned questions, in a detailed way of solution.
Solution : Requirement Sold : : cost of goods transferred and cost of goods son Finished particolars goods $1356000 sewing Department $745000 & 123000 $575000 1891950 weaving Department $470000 $30 2000 $1350 000 $ 1147500 $3275500 $620000) к з оо Beginning inventory Direct Materials Direct labor Overhead applied (854 155 1. of labor) Total costs - weaving less - ending inventory - wearing Transferred to sewing (a) Total costs - sewing Less:- ending inventory - sewing Transferred to Finished goods (6) ► Less - ending inventory - finished goods cost of goods sold (C) → $2755500 $5089750 $920000) $4169750 $416975 $(1446, 000 $2723750

Requirement : Summary Journal entries : Date particolars Debit Credit June 30 $2755500 $2755500 Work in process inventory -sewing Al Dr To work in process inventory -weaving (Being transferred prodats from weaving to sewing $4169750 June 30 $4169750 Finished gods inventory Alc ir To work in process inventory - sewing (Being transferred completed products from sewing to finished goods inventory) $ 4650 000 June 30 $4650000 Accounts Receivable the or To sales (Being sold finished goods) $2723750 $2723750 June 30 cost of goods sold Alc or To finished goods inventory (Being to record cost of goods sold for the month)