Exam III i 15 12 points eBook Hint Required information Saved Help Save & Exit Submit [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 Beginning Inventory Ending Inventory $ 188,000 355,000 660,000 1,476,000 $ 229,000 485,000 710,000 1,426,000 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) $ 680,000 202,000 $ 272,000 99,000 168,000 $ 1,275,000 585,000 1,750,000 90% 170% $ 4,250,000 1. Prepare journal entries dated June 30 to record: (a) raw materials purchases, (b) direct materials used, (c) indirect materials used, (d) direct labor used, (e) indirect labor used, (f) other actual overhead costs, and (g) overhead applied. View transaction list Journal entry worksheet < 1 2 3 4 50 67 Record the purchase of raw materials on account. Note: Enter debits before credits. Transaction (a) General Journal Debit Credit Record entry Clear entry View general journal

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...