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 Direct-Weaving Direct-Sewing Indirect 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 Labor used Direct-Weaving Direct-Sewing Beginning. Inventory $ 170,000 395,000 690,000 1,336,000 Indirect Overhead rates as a percent of direct labor Weaving Sewing Sales (on credit) $ 615,000 174,000 $ 266,000 123,000 172,000 $ 1,250,000 430,000 1,500,000 90% 160% Ending Inventory $ 213,000 370,000 745,000 1,346,000 $ 4,900,000

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 Direct-Weaving Direct-Sewing Indirect 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 Labor used Direct-Weaving Direct-Sewing Beginning. Inventory $ 170,000 395,000 690,000 1,336,000 Indirect Overhead rates as a percent of direct labor Weaving Sewing Sales (on credit) $ 615,000 174,000 $ 266,000 123,000 172,000 $ 1,250,000 430,000 1,500,000 90% 160% Ending Inventory $ 213,000 370,000 745,000 1,346,000 $ 4,900,000

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Major League Bat Company manufactures baseball bats. In addition to its work in process inventories, the company maintains inventories of raw materials and finished goods. It uses raw materials as direct materials in production and as indirect materials. Its factory payroll costs include direct labor for production and indirect labor. All materials are added at the beginning of the process, and conversion costs are applied uniformly throughout the production process. Required: You are to maintain records and produce measures of inventories to reflect the July events of this company. The June 30 balances: Raw Materials Inventory, $25,000; Work in Process Inventory, $8,135 ($2,660 of direct materials and $5,475 of conversion); Finished Goods Inventory, $110,000; Sales, $0; Cost of Goods Sold, $0; Factory Wages Payable, $0; and Factory Overhead, $0. 2. Information about the July work in process (WIP) inventory follows. Use this information with that from part 1 to prepare a production…
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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…
Sierra Company manufactures soccer balls in two sequential processes: Cutting and Stitching. All direct materials enter production at the beginning of the cutting process. The following information is available regarding its May inventories: Beginning Inventory Ending Inventory Raw materials inventory $ 6,000 $ 9,250 Work in process inventory—Cutting 43,500 51,500 Work in process inventory—Stitching 63,300 60,500 Finished goods inventory 20,100 8,250 The following additional information describes the company's production activities for May. Direct materials Raw materials purchased on credit $ 25,000 Direct materials used—Cutting 21,750 Direct materials used—Stitching 0 Direct labor Direct labor—Cutting $ 15,600 Direct labor—Stitching 62,400 Factory Overhead (Actual costs) Indirect materials used $ 6,000 Indirect labor used 55,000 Other overhead costs 46,505 Factory Overhead Rates Cutting 150% of direct materials used…
Major League Bat Company manufactures baseball bats. In addition to its work in process inventories, the company maintains inventories of raw materials and finished goods. It uses raw materials as direct materials in production and as indirect materials. Its factory payroll costs include direct labor for production and indirect labor. All materials are added at the beginning of the process, and conversion costs are applied uniformly throughout the production process. Required: You are to maintain records and produce measures of inventories to reflect the July events of this company. The June 30 balances: Raw Materials Inventory, $25,000; Work in Process Inventory, $8,135 ($2,660 of direct materials and $5,475 of conversion); Finished Goods Inventory, $110,000; Sales, $0; Cost of Goods Sold, $0; Factory Wages Payable, $0; and Factory Overhead, $0. Prepare journal entries to record the following July transactions and events. Purchased raw materials for $125,000 cash. Used raw…
Sheridan Company manufactures pizza sauce through two production departments: Cooking and Canning. In each process, materials and conversion costs are incurred evenly throughout the process. For the month of April, the work in process inventory accounts show the following debits. Beginning work in process Direct materials Direct labor Manufacturing overhead Costs transferred in April 30 30 Cooking 30 $0 30 23,940 9,690 35,910 Journalize the April transactions. (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Canning $4,560 Date Account Titles and Explanation 10,260 (To record materials used) 7,980 29,480 60,420 (To assign direct labour to production) (To assign overhead to production) (To record transfer of units to the Canning Department) Debit Credit
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: Beginning Inventory Ending Inventory Raw materials inventory $ 154,000 $ 261,000 Work in process inventory—Weaving 470,000 340,000 Work in process inventory—Sewing 750,000 840,000 Finished goods inventory 1,356,000 1,286,000 The following additional information describes the company’s manufacturing activities for June: Raw materials purchases (on credit) $ 675,000 Factory payroll cost (paid in cash) 3,325,000 Other factory overhead cost (Other Accounts credited) 176,000 Materials used Direct—Weaving $ 298,000 Direct—Sewing 78,000 Indirect 124,000 Labor used…
A manufacturer completed the production of goods costing $350,000 and transferred them to finished goods. The journal entry to record the transfer of units from the Shaping department to Finished Goods Inventory includes a: Multiple Choice Debit to Work in Process Inventory- Shaping for $350,000. Credit to Work in Process Inventory- Shaping for $350,000. Credit to Finished Goods Inventory for $350,000. Debit to Raw Materials Inventory for $350,000. Credit to Raw Materials Inventory for $350,000.
[The following information applies to the questions displayed below] Sierra Company manufactures soccer balls in two sequential processes Cutting and Stitching All direct materiais enter production at the beginning of the cutting process. The following information is available regarding its May Inventories. Direct materials Raw materials purchased on credit Direct materials used-Cutting Direct materials used-stitching Raw materials inventory Work in process inventory-Cutting Work in process inventory-Stitching 70,500 66,700 Finished goods inventory 12,250 The following additional information describes the company's production activities for May Direct labor Direct labor-Cutting Direct labor-Stitching Factory Overhead (Actual costs) Indirect materials used Indirect labor used i Other overhead costs Factory Overhead Rates Cutting Stitching Sales $ 16,600 66,400 Beginning Inventory (a) Transferred to work in process-Stitching (b) Transferred to finished goods (c) Cost of goods sold $…
Munabhai
Coronado Corp. designs and manufactures mascot uniforms for high school, college, and professional sports teams. Since each team’s uniform is unique in color and design, Coronado uses a job order costing system. On January 1, the T-accounts for some of Coronado’s primary balance sheet accounts were as follows: Raw Materials Inventory Work in Process Inventory 1/1 59,400 1/1 25,500 Finished Goods Inventory Cash 1/1 38,600 1/1 37,200 Accounts Receivable Accounts Payable 1/1 47,300 1/1 41,900 During the year, the following events occurred: 1. Coronado purchased raw materials costing $118,000 on account. 2. Coronado used $149,300 of raw materials in production. Of these, 80% were classified as direct materials and 20% as indirect materials. (Coronado maintains a…
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