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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 $ 180,000 455,000 590,000 1, 296, 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 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) $ 560,000 202,000 $ 274,000 138,000 144,000 $ 1,350,000 475,000 1,725,000 90% 155% Ending Inventory $ 225,000 335,000 990,000 1,226,000 $ 5,400,000 repare journal entries dated June 30 to record: (a) raw materials purchases, (b) direct materials used, (c) indirect materials used, (d) ect labor used, (e) indirect labor used, (f) other actual overhead costs, and (g) overhead applied.

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 $ 180,000 455,000 590,000 1, 296, 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 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) $ 560,000 202,000 $ 274,000 138,000 144,000 $ 1,350,000 475,000 1,725,000 90% 155% Ending Inventory $ 225,000 335,000 990,000 1,226,000 $ 5,400,000 repare journal entries dated June 30 to record: (a) raw materials purchases, (b) direct materials used, (c) indirect materials used, (d) ect labor used, (e) indirect labor used, (f) other actual overhead costs, and (g) overhead applied.

FINANCIAL ACCOUNTING
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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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 Indirect Overhead rates as a percent of direct labor Weaving Sewing Sales (on credit) View transaction list Journal entry worksheet < 1 2 3 4 5 Record the purchase of raw materials on account. Note: Enter debits before credits. Transaction (a) . 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. 6 General Journal Beginning Inventory $ 180,000 455,000 590,000 1, 296, 000 7 $ 560,000 202,000 $ 274,000 138,000 144,000 $ 1,350,000 475,000 1,725,000 90% 155% $ 5,400,000 Debit Ending Inventory $ 225,000 335,000 990,000 1,226,000 Credit
Transcribed Image Text: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 Indirect Overhead rates as a percent of direct labor Weaving Sewing Sales (on credit) View transaction list Journal entry worksheet < 1 2 3 4 5 Record the purchase of raw materials on account. Note: Enter debits before credits. Transaction (a) . 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. 6 General Journal Beginning Inventory $ 180,000 455,000 590,000 1, 296, 000 7 $ 560,000 202,000 $ 274,000 138,000 144,000 $ 1,350,000 475,000 1,725,000 90% 155% $ 5,400,000 Debit Ending Inventory $ 225,000 335,000 990,000 1,226,000 Credit
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