Question

печенем многие от 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 $ 144,000 335,000 620,000 1,286,000 Ending Inventory $ 205,000 400,000 995,000 1,446,000 The following additional information describes the company's manufacturing activities for June: $ 645,000 3,315,000 206,000 $ 292,000 132,000 158,000 Raw materials purchases (on credit) Factory payroll cost (paid in cash) Other factory overhead coat (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 con credit) $1,250,000 540,000 1,525,000 900 1558 $5,450,000 Exercise 03-14 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. 2. Prepare Journal entries dated June 30 to record (ə) goods transferred from weaving to sewing, (D) 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 (s) 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 2

Answer 1

Required a) cost of products from ferred from weaving to sewing. we particulars Amount opening COOTK TO $ 335000 process - wearing (+) Direct materials used -weaving (+) Direct labor wed - weaving (t) Overhead $ 292000 $12S0000 $ 1125000 weaving - 90% of direct labor $1250000 X 90% Total $ 3002000 - closing work in processeaving (400000) cost of products $2602000 transferred to sewing

b) cost of products transferred frow Sewing finished goods to particulas Amount $ 620000 $ 260 2000 Opering work in process - Sewing (+) products received from leaving department (+) Direct materials used-sewing (+) Direct labor wed - Sewing (+) Overhead $132.000 SH0000 Sewing - 1551. of direct labor $ 837000 ie- & SHOO00 x 155 1: rotal $ 4731000 (-) closing coorkin process - Sewing (8995000) $ 3736000 cost of podels foransdered to Finished goods

c) Cost of goods sold particulas Amount Opening froushed goods inventory 41286000 (+) cost of poodetes received from Sewing department $3736000 Total $ 5022000 6) closing Finished goods inventory (dox $1446000) cost of goods $ 3576000 sold

$ 260 2000 a) Sewing 6) Finished goods $ 3736000 c) Cost of $3576000 goods sold