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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 $ 136,000 $ 249,000 460,000 515,000 685,000 945,000 1,346,000 1,396,000 The following additional information describes the company's manufacturing activities for June: Raw materials purchases (on credit) $ 510,000 Other actual overhead cost (paid in cash) Materials used 182,000 Direct-Weaving Direct-Sewing Indirect Labor used Beginning Inventory Ending Inventory Direct-Weaving Direct-Sewing Indirect Overhead rates as a percent of direct labor Weaving Sewing faler for credit) $ 250,000 105,000 130,000 $ 1,300,000 410,000 1,775,000 85% 165% $ 5,200,000

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 $ 136,000 $ 249,000 460,000 515,000 685,000 945,000 1,346,000 1,396,000 The following additional information describes the company's manufacturing activities for June: Raw materials purchases (on credit) $ 510,000 Other actual overhead cost (paid in cash) Materials used 182,000 Direct-Weaving Direct-Sewing Indirect Labor used Beginning Inventory Ending Inventory Direct-Weaving Direct-Sewing Indirect Overhead rates as a percent of direct labor Weaving Sewing faler for credit) $ 250,000 105,000 130,000 $ 1,300,000 410,000 1,775,000 85% 165% $ 5,200,000

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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Sales for credit is $5200000
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 $ 136,000 $ 249,000 460,000 515,000 685,000 945,000 1,346,000 1,396,000 The following additional information describes the company's manufacturing activities for June: Raw materials purchases (on credit) $ 510,000 Other actual overhead cost (paid in cash). 182,000 Materials used Direct-Weaving Direct-Sewing Indirect Labor used Direct-Weaving Direct-Sewing Beginning Inventory Ending Inventory Indirect Overhead rates as a percent of direct labor Weaving Sewing cater for credit) $ 250,000 105,000 130,000 $ 1,300,000 410,000 1,775,000 85% 165% $5,200,000
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 $ 136,000 $ 249,000 460,000 515,000 685,000 945,000 1,346,000 1,396,000 The following additional information describes the company's manufacturing activities for June: Raw materials purchases (on credit) $ 510,000 Other actual overhead cost (paid in cash). 182,000 Materials used Direct-Weaving Direct-Sewing Indirect Labor used Direct-Weaving Direct-Sewing Beginning Inventory Ending Inventory Indirect Overhead rates as a percent of direct labor Weaving Sewing cater for credit) $ 250,000 105,000 130,000 $ 1,300,000 410,000 1,775,000 85% 165% $5,200,000
Required: 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 get the amount transferred out of each department. 4 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 1 Required 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. (a) Transferred from Weaving to Sewing (b) Transferred from Sewing to Finished Goods (c) Cost of goods sold
Transcribed Image Text:Required: 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 get the amount transferred out of each department. 4 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 1 Required 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. (a) Transferred from Weaving to Sewing (b) Transferred from Sewing to Finished Goods (c) Cost of goods sold
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