Pro-Weave manufactures stadium blankets by passing the products through a weaving department and the 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 $ 575,000 166,000 a) Transferred from Weaving to Sewing b) Transferred from Sewing to Finished Goods o) Cost of goods sold $ 264,000 114,000 144,000 1,325,000 495,000 1,800,000 85% 165% 4,400,000 quired: 1. Compute the (a) cost of products transferred from weaving to sewing. (b) cost of products transferred from se to finisted goods, and (c) cost of goods sold. Hint Compute the total production costs in each department and then subtract the ending inventory to get the 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 to finished goods, (c) sale of finished goods, and (d) cost of goods sold. Complete this question by entering your answers in the tabs below. Required Required 1 2 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. $ 2,735,250 $ 1.155.750
Pro-Weave manufactures stadium blankets by passing the products through a weaving department and the 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 $ 575,000 166,000 a) Transferred from Weaving to Sewing b) Transferred from Sewing to Finished Goods o) Cost of goods sold $ 264,000 114,000 144,000 1,325,000 495,000 1,800,000 85% 165% 4,400,000 quired: 1. Compute the (a) cost of products transferred from weaving to sewing. (b) cost of products transferred from se to finisted goods, and (c) cost of goods sold. Hint Compute the total production costs in each department and then subtract the ending inventory to get the 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 to finished goods, (c) sale of finished goods, and (d) cost of goods sold. Complete this question by entering your answers in the tabs below. Required Required 1 2 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. $ 2,735,250 $ 1.155.750
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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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 goods sold
$ 264,000
114,000
144,000
1,325,000
495,000
1,800,000
85%
165%
$
Required:
1. Compute the (a) cost of products transferred from weaving to sewing. (b) cost of products transferred from sewing
to finised goods, and (c) cost of goods sold. Hint: Compute the total production costs in each department and
then subtract the ending inventory to get the 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 to finished goods, (c) sale of finished goods, and (d) cost of goods sold.
Complete this question by entering your answers in the tabs below.
4,400,000
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.
$
2,735,250
$
1,155,750](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F6d999cf7-cd4b-4a88-9b76-bbc25e621044%2F9502ffd7-270f-4a79-94ed-470d5a234d2a%2F5kbjgem_processed.jpeg&w=3840&q=75)
Transcribed Image Text: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 goods sold
$ 264,000
114,000
144,000
1,325,000
495,000
1,800,000
85%
165%
$
Required:
1. Compute the (a) cost of products transferred from weaving to sewing. (b) cost of products transferred from sewing
to finised goods, and (c) cost of goods sold. Hint: Compute the total production costs in each department and
then subtract the ending inventory to get the 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 to finished goods, (c) sale of finished goods, and (d) cost of goods sold.
Complete this question by entering your answers in the tabs below.
4,400,000
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.
$
2,735,250
$
1,155,750
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