Question

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: Beginning Inventory Ending Inventory Raw materials inventory $ 184,000 $ 289,000 Work in process inventory—Weaving 315,000 455,000 Work in process inventory—Sewing 665,000 950,000 Finished goods inventory 1,326,000 1,396,000 The following additional information describes the company’s manufacturing activities for June: Raw materials purchases (on credit) $ 595,000 Factory payroll cost (paid in cash) 3,495,000 Other factory overhead cost (Other Accounts credited) 218,000 Materials used Direct—Weaving $ 288,000 Direct—Sewing 111,000 Indirect 136,000 Labor used Direct—Weaving $ 1,225,000 Direct—Sewing 470,000 Indirect 1,800,000 Overhead rates as a percent of direct labor Weaving 85 % Sewing 155 % Sales (on credit) $ 4,200,000. Prepare journal entry.

Answer 1

Cost of goods (products) transferred from weaving to sawing
Beginning Work in Progress - Weaving			315,000
Add: cost incurred in weaving Department
Direct material		288,000
Direct labor		1,225,000
Overhead Applied (1225000 * 85%)		1,041,250	2,554,250
Total work in progress in Weaving Department			2,869,250
Less: Ending Work in Progress - Weaving			(455,000)
Cost of goods (products) transferred from weaving to sawing	2,414,250
Cost of goods (products) transferred from sawing to Finished goods
Beginning Work in Progress - Sawing			665,000
Cost of goods (products) transferred from weaving to sawing			2,414,250
Add: cost incurred in sawing Department
Direct material		111,000
Direct labor		470,000
Overhead Applied (470000 * 155%)		728,500	1,309,500
Total work in progress in sawing Department			4,388,750
Less: Ending Work in Progress - Sawing			(950,000)
Cost of goods (products) transferred from sawing to Finished goods	3,438,750
Cost of goods sold
Beginning Finished goods inventory			1,326,000
Add: Cost of goods (products) transferred from sawing to Finished goods			3,438,750
Goods available for sales			4,764,750
Less: Ending Finished goods inventory			(1,396,000)
Cost of goods sold (Unadjusted)			3,368,750
Add: Under applied overhead (Check below)			384,250
Cost of goods sold (Adjusted)			3,753,000

Indirect material		136,000
Indirect labor		1,800,000
Other factory overhead cost (Other Accounts credited)		218,000
Actual Overhead incurred			2,154,000
Less: overhead applied in both department
From Weaving		1,041,250
From Sewing		728,500	1,769,750
Under applied Overhead			384,250

Journal entries
Date	Accounting titles & explanations	Debit	Credit
June 30	Work in progress inventory - Sewing	2,414,250
	Work in progress inventory - Weaving		2,414,250
	(To record Cost of goods (products) transferred from weaving to sawing.)
June 30	Finished Goods Inventory	3,438,750
	Work in progress inventory - Sewing		3,438,750
	(To record Cost of goods (products) transferred from sawing to Finished goods.)
June 30	Account receivable	4,200,000
	Sales revenue		4,200,000
	(To record sales revenue on Account.)
June 30	Cost of goods sold	3,753,000
	Finished Goods Inventory		3,368,750
	Factory Overhead		384,250
	(To record Cost of Goods sold with Under applied overhead)
Journal entries
Date	Accounting titles & explanations	Debit	Credit
A	Raw materials inventory	595,000
	Accounts payable		595,000
	(To record Purchase of raw material inventory.)
B	Work in process inventory-weaving	288,000
	Work in process inventory-sewing	111,000
	Raw materials inventory		399,000
	(To record Issue of raw material inventory into production process.)
C	Factory overhead	136,000
	Raw materials inventory		136,000
	(To record Issue of indirect raw material inventory for Manufacturing.)
D	Work in process inventory-weaving	1,225,000
	Work in process inventory-sewing	470,000
	Factory wages payable		1,695,000
	(To record direct labor Consumed.)
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