[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: Beginning Inventory $ 194,000 335,000 600,000 Ending Inventory $ 221,000 355,000 995,000 1,486,000 1,446,000 The following additional Information describes the company's manufacturing activities for June: Raw materials purchases (on credit) $ 665,000 200,000 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) $ 272,000 147,000 166,000 $ 1,275,000 435,000 1,750,000 90% 165% $ 5,450,000 1. 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.

[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: Beginning Inventory $ 194,000 335,000 600,000 Ending Inventory $ 221,000 355,000 995,000 1,486,000 1,446,000 The following additional Information describes the company's manufacturing activities for June: Raw materials purchases (on credit) $ 665,000 200,000 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) $ 272,000 147,000 166,000 $ 1,275,000 435,000 1,750,000 90% 165% $ 5,450,000 1. 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.

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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