Pro-Weave manufactures stadium blankets by passing the products through a weaving department and then a sewingdepartment. The following information is available regarding its June inventories:Raw materials inventoryWork in process inventory-WeavingWork in process inventory-SewingFinished goods inventoryDirect-WeavingDirect-SewingIndirect920, 0001,436,000The following additional information describes the company's manufacturing activities for June:Raw materials purchases (on credit)Other actual overhead cost (paid in cash)Materials usedLabor usedDirect-WeavingDirect-SewingBeginningInventory$ 176,000485,000620,0001,346,000IndirectOverhead rates as a percent of direct labor.WeavingSewingSales (on credit)$ 665,000180, 000$ 278,00093,000186, 000$ 1,200,000565,0001, 675,00085%165%EndingInventory$ 253,000390,000$ 4,150,000 esRequired: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. Hint. Compute the total production costs in each department and then subtract the ending inventory to getthe amount transferred out of each department.2. Prepare journal entries dated June 30 to record (a) goods transferred from weaving to sewing, (b) goods transferred from sewing tofinished 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 2Compute the (a) cost of products transferred from weaving to sewing, (b) cost of products transferred from sewing to finishedgoods, and (c) cost of goods sold.(a) Transferred from Weaving to Sewing(b) Transferred from Sewing to Finished Goods(c) Cost of goods soldRequired 2

Calculation of transfer from weaving to sewing and sewing to finished goods , and record of journal…

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 Labor used Beginning Inventory $ 176,000 485,000 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 620, 000 1,346, 000 $ 665,000 180,000 Ending Inventory $ 253,000 390,000 920,000 1,436,000 $ 278,000 93,000 186, 000 $ 1,200,000

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 Labor used Beginning Inventory $ 176,000 485,000 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 620, 000 1,346, 000 $ 665,000 180,000 Ending Inventory $ 253,000 390,000 920,000 1,436,000 $ 278,000 93,000 186, 000 $ 1,200,000

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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