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 $ 160,000 $ 221,000 Work in process inventory—Weaving 370,000 525,000 Work in process inventory—Sewing 625,000 870,000 Finished goods inventory 1,296,000 1,346,000 The following additional information describes the company’s manufacturing activities for June: Raw materials purchases (on credit) $ 520,000 Factory wages cost (paid in cash) 3,410,000 Other factory overhead cost (Other Accounts credited) 210,000 Materials used Direct—Weaving $ 308,000 Direct—Sewing 147,000 Indirect 170,000 Labor used Direct—Weaving $ 1,350,000 Direct—Sewing 385,000 Indirect 1,675,000 Overhead rates as a percent of direct labor Weaving 90 % Sewing 155 % Sales (on credit) $ 4,550,000 rev: 02_19_2019_QC_CS-159475 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, and (c) sale of finished goods.
1) | |||
Weaving Department | Costs | ||
Beginning inventory | $ 3,70,000.00 | ||
Direct materials | $ 3,08,000.00 | ||
Direct labor | $ 13,50,000.00 | ||
Overhead: 90% × $1,350,000 | $ 12,15,000.00 | ||
Total cost of goods in the department | $ 32,43,000.00 | ||
Less: Ending inventory | $ 5,25,000.00 | ||
Cost of goods transferred to Sewing | $ 27,18,000.00 | ||
Sewing Department | Costs | ||
Beginning inventory | $ 6,25,000.00 | ||
Cost of goods transferred from Weaving | $ 27,18,000.00 | ||
Direct materials | $ 1,47,000.00 | ||
Direct labor | $ 3,85,000.00 | ||
Overhead: 155% × $385,000 | $ 5,96,750.00 | ||
Total cost of goods in the department | $ 44,71,750.00 | ||
Less: Ending inventory | $ 8,70,000.00 | ||
Cost of goods transferred to finished goods | $ 36,01,750.00 | ||
Beginning inventory | $ 12,96,000.00 | ||
Cost of goods transferred from Sewing | $ 36,01,750.00 | ||
Cost of goods available for sale | $ 48,97,750.00 | ||
Less: Ending inventory | $ 13,46,000.00 | ||
Cost of goods sold | $ 35,51,750.00 | ||
2) | |||
Account Titles & Explanation | Debit | Credit | |
Work in process inventory—Sewing | $ 27,18,000.00 | ||
Work in process inventory—Weaving | $ 27,18,000.00 | ||
To record goods transferred from weaving to sewing | |||
Finished goods inventory | $ 36,01,750.00 | ||
Work in process inventory—Sewing | $ 36,01,750.00 | ||
To record goods transferred from sewing to finished goods | |||
Accounts receivable | $ 45,50,000.00 | ||
Sales | $ 45,50,000.00 | ||
(To Record sale of finished goods.) | |||
Cost of goods sold | $ 35,51,750.00 | ||
Finished goods inventory | $ 35,51,750.00 | ||
(To record cost of good sold) |
Required information [The following information applies to the questions displayed below.] Pro-Weave manufactures stadium blankets by...
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 $ 148,000 500,000 580,000 1,406,000 Ending Inventory $ 257,000 515,000 945,000 1,326,000 The following additional information describes the company's manufacturing activities for June: $ 520,000 3,080,000 192,000 $...
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 Ending Inventory Inventory Raw materials inventory $ 198,800 $ 221,000 Work in process 340,000 415,000 inventory-Weaving Work in process inventory-Sewing 600,000 750, eee Finished goods inventory 1,296,880 1,496,000 The following additional information describes the company's manufacturing activities for June: $ 568,888 3,660,000 212,080...
! 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 $ 198,000 415,000 710,000 1,386,000 Ending Inventory $ 285,000 400,000 920,000 1,446,000 The following additional information describes the company's manufacturing activities for June: $ 590,000 3,405,000 184,000...
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 Ending Inventory Inventory Raw materials inventory $ 198,000 $ 221,000 Work in process inventory-Weaving 340,000 415,000 Work in process inventory-Sewing 600,000 750,000 Finished goods inventory 1,296,000 1,496,000 The following additional information describes the company's manufacturing activities for June: $ 560,000 3,660,000 212,000 Raw...
[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 $ 162,000 $ 209,000 Work in process inventory—Weaving 470,000 435,000 Work in process inventory—Sewing 590,000 790,000 Finished goods inventory 1,376,000 1,426,000 The following additional information describes the company’s manufacturing activities for June: Raw materials purchases (on credit) $ 605,000...
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 146,000 $ $ Ending Inventory 185,000 375,000 370,000 Raw materials inventory Work in process inventory- Weaving Work in process inventory- Sewing Finished goods inventory 615,000 1,466,000 1,000,000 1,316,000 The following additional information describes the company's manufacturing activities for June Raw materials purchases...
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)...
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 $ 176,000 385,000 700,000 1,286,000 Ending Inventory $ 201,000 360,000 905,000 1,256,000 The following additional information describes the company's manufacturing activities for June: $ 545,000 3,500,000 188,000 $...
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 $ 124,900 405,000 Ending Inventory $ 257,000 335,000 Raw materials inventory Work in process inventory- Weaving Work in process inventory- Sewing Finished goods inventory 720,000 1,276,000 810,000 1,346,000 The following additional information describes the company's manufacturing activities for June: $ 595,000 3, 340,000 168,000...
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 $ 120,000 300,000 570,000 1,266,000 Ending Inventory $ 185,000 330,000 700,000 1,206,000 The following additional information describes the company's manufacturing activities for June: $ 500,000 3,060,000 156,000 $...