1. Compute the (a) cost of products transferred from weaving to sewing. (b) cost of products transferred from sewing to finlshed 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 (a) 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 sevwing to finished goods, and (c) cost of goods sold. (a) Sewing (b) Finished Goods

1. Compute the (a) cost of products transferred from weaving to sewing. (b) cost of products transferred from sewing to finlshed 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 (a) 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 sevwing to finished goods, and (c) cost of goods sold. (a) Sewing (b) Finished Goods

Principles of Cost Accounting

17th Edition

ISBN:9781305087408

Author:Edward J. Vanderbeck, Maria R. Mitchell

Publisher:Edward J. Vanderbeck, Maria R. Mitchell

Chapter2: Accounting For Materials

Section: Chapter Questions

Problem 5P: Inventory costing methods The purchases and issues of rubber gaskets (Materials Ledger #11216) as...

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Requirement 1. Prepare journal entries dated June 30 to record: raw materials purchases, direct materials used, indirect materials use direct labor used, indirect labor used, other actual overhead costs, overhead applied
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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 then 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 The following additional information describes the company's manufacturing activities for June Raw materials purchases (on credit) Other actual overhead cost (paid in cash). 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) Beginning Ending Inventory Inventory $ 176,000 $221,000 480,000 460,000 670,000 940,000 1,406,000 1,266,000 Required Required 2 $ 575,000 166,000 (a) Transferred from Weaving to Sewing (b) Transferred from Sewing to Finished Goods (c) Cost of…
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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 then a sewing department. The following information is available regarding its June inventories: in cash) Materials used Raw materials inventory Work in process inventory-Weaving Work in process inventory-Sewing Finished goods inventory The following additional information describes the company's manufacturing activities for June: Raw materials purchases (on credit) Other actual overhead cost (paid 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) Beginning Inventory $ 134,000 385,000 575,000 1,336,000 Required Required 1 2 $ 515,000 202,000 (a) Transferred from Weaving to Sewing (b) Transferred from Sewing to Finished Goods (c) Cost of goods sold $ 242,000 90,000 188,000
Required information Use the following information for the Exercises below. (Algo) [The following information applies to the questions displayed below.] Pro-Weave manufactures stadium blankets by passing the products through a weaving department and then a sewing department. The following information is available regarding its June inventories: Raw materials inventory Beginning Inventory $ 154,000 450,000 640,000 Work in process inventory-Weaving Work in process inventory-Sewing Finished goods inventory 1,396,000 The following additional information describes the company's manufacturing activities for June: Raw materials purchases (on credit) Other actual overhead cost (paid in cash) 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) $ 625,000 200,000 $ 288,000 81,000 166,000 $ 1,325,000 405,000 1,775,000 (a) Transferred from Weaving to Sewing (b) Transferred…
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 then a sewing department. The following Information is available regarding its June Inventories: Beginning Inventory Ending Inventory $ 194,000 335,000 $ 221,000 355,000 600,000 995,000 1,486,000 1,446,000 The following additional Information describes the company's manufacturing activities for June: Raw materials purchases (on credit) $ 665,008 Other actual overhead cost (paid in cash) 200,000 Materials used Raw materials inventory Work in process inventory-Weaving Work in process inventory-Sewing Finished goods inventory 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) View transaction list Journal entry worksheet 2 1 1. Prepare Journal entries dated June 30 to record: (a) raw materials…
Required information Use the following information for the Exercises below. (Algo) [The following information applies to the questions displayed below.] Use the following selected account balances of Delray Manufacturing for the year ended December 31. Sales Raw materials inventory, beginning Work in process inventory, beginning Pinished goods inventory, beginning Raw materials purchases Direct labor Indirect labor Repairs-Factory equipment Rent cost of factory building Selling expenses General and administrative expenses Raw materials inventory, ending Work in process inventory, ending Finished goods inventory, ending $ 2,050,000 86,000 112,000 146,000 396,000 475,000 71,000 57,000 114,000. 182,000 291,000 103,000 134,000 175,000 Exercise 1-13 (Algo) Preparing schedule of cost of goods manufactured LO P2 Prepare its schedule of cost of noods manufactured for the
Rite Packs manufactures backpacks. Its plant records include the following materials-related data: (Click the icon to view the transactions.) Journalize the entries to record the transactions, post to the Raw Materials Inventory account, and determine the ending balance in Raw Materials Inventory. Data table Raw Materials Inventory, beginning balance Purchases of canvas, on account Purchases of sewing machine lubricating oil, on account Material requisitions: Canvas Sewing machine lubricating oil Print Done - X - $ 34,000 65,000 1,600 64,000 500 FEED redits. Select the explanation on the last line of the journal entry table.) Credit Debit
the beginning of the Cutting process. The following information is available regarding its May inventories: Ending Inventory Beginning Inventory $ 6,000 43,500 63,300 20,100 The following additional information describes the company's production activities for May. Raw materials inventory Work in process inventory-Cutting Work in process inventory-Stitching Finished goods inventory Direct materials Raw materials purchased on credit Direct materials used-Cutting Direct materials used-Stitching Direct labor Direct labor-Cutting Direct labor-Stitching Factory Overhead (Actual costs) Indirect materials used Indirect labor used Other overhead costs Factory Overhead Rates Cutting Stitching Sales View transaction list Journal entry worksheet < $ 256,000 Requirement General General Journal Ledger Raw Materials Prepare journal entries for the month of May's transactions. Note: Enter debits before credits. Dato May 31 Record entry $ 25,000 21,750 0 Trial Balance $ 15,600 62,400 (150% of direct…
6.
Cost of Materials Issuances Under the FIFO Method An incomplete subsidiary ledger of materials inventory for May is as follows: a. Complete the materials isuances and balances for the materials subsidiary ledger under FIFO. Received Issued Balance Receiving Materials Unit Unit Report Quantity Requisition Quantity Amount Date Quantity Amount Price price Number Number May 1 260 $8 $2,080 25 $10 260 V 2,080 V 180 May 4 180 V 10 V 1,800 103 290 May 10 10 V 31 120 12 May 21 10 V 12 V 116 170 May 27 12 Feedback V Check My Work a. Calculate the amount of each materials issue, using FIFO. In the Balance section, separate each different unit price and its quantity. b. Determine the materials inventory balance at the end of May. Feedback V Check My Work b. Calculate the amount of each materials issue, using FIFO. In the Balance section, separate each different unit price and its quantity.