Question

Hi-- This is a 3 part question. please answer each section. Thanks!

Required information (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 $ 134,000 475,000 720,000 1,346,000 Ending Inventory $ 209,000 470,000 730,000 1,256,000 The following additional information describes the company's manufacturing activities for June: $ 605,000 3,735,000 162,000 $ 278,000 120,000 188,000 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 Direct-Weaving Direct-Sewing Indirect Overhead rates as a percent of direct labor Weaving Sewing Sales (on credit) $1,400,000 560,000 1,775,000 80% 160% $5,200,000 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. Complete this question by entering your answers in the tabs below. Required 1 Required 2 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. (a) Sewing (b) Finished Goods (c) Cost of goods sold < Required 1 Required 2 >

Answer 1

Particulars Beginning Inventory Direct materials used Direct Labour Applied Overhead Total cost weaving Less: Ending Inventory Transferred to sewing Weaving Department $ 4,75,000 Beginning Inventory $ 2,78,000 Direct materials used $ 14,00,000 Direct Labour $ 11,20,000 Applied Overhead $ 32,73,000 Total cost weaving $ -4,70,000 Transferred to sewing $ 28,03,000 Less:Ending Inventory Transferred to Finished goods Sewing Department $ 7,20,000 Transferred to Finished goods $ 1,20,000 Cost of goods available for sale $ 5,60,000 Less:Ending Inventory $ 8,96,000 Cost of good sold $ 22,96,000 S 28,03,000 $ -7,30,000 S 43,69,000 Finished Goods $ 13,46,000 $ 43,69,000 $ -12,56,000 $ 44,59,000 a. Sewing b.Finished Goods c.Cost of goods sold $ $ 28,03,000 43,69,000 44,59,000 $ $ 28,03,000 $ 28,03,000 $ 43,69,000 $ 43,69,000 a. Work in process - Sewing Work in process - Weaving b. Finished Goods Inventory Work in process - Sewing c. Cost of good sold Finished Goods Inventory d. Accounts Receivable Sales $ 44,59,000 $ 44,59,000 $ 52,00,000 $ 52,00,000 6,05,000 $ 6,05,000 2,78,000 1,20,000 $ 3,98,000 1,88,000 $ 1,88,000 14,00,000 5,60,000 a. Raw materials Inventory $ Accounts Payable 6. Work in process - Sewing $ Work in process - Weaving $ Raw materials Inventory c. Manufacturing Overhead $ Raw materials Inventory d. Work in process - Sewing $ Work in process - Weaving $ Wages e. Manufacturing Overhead Wages f. Manufacturing Overhead $ Accounts Payable g. Work in process - Sewing $ Work in process - Weaving $ Manufacturing Overhead h. Wages payable $ Cash $ 19,60,000 17,75,000 $ 17.75.000 1,62,000 $ 1,62,000 11,20,000 8,96,000 $ 20,16,000 37,35,000 $ 37,35,000