[The following information applies to the questions displayed below.] Pro-Weave manufactures stadium blankets by passing the...

 

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[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 Beginning Inventory Ending Inventory $ 154,000 $ 237,000 415,000 670,000 1,416,000 455,000 860,000 1,236,000 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 Direct-Sewing Indirect Labor used Direct-Weaving Direct-Sewing Indirect Overhead rates as a percent of $ 675,000 184,000 $ 300,000 147,000 170,000 $ 1,300,000 465,000 1,675,000 direct labor Weaving Sewing Sales (on credit) 80% 155% $ 5,100,000 xercise 20-24 (Algo) Entries for transfer of goods across departments LO P4 equired: 1. Compute the (a) cost of products transferred from weaving to sewing, (b) cost of products transferred from sewin 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. 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. a) Transferred from Weaving to Sewing b) Transferred from Sewing to Finished Goods c) Cost of goods sold < Required 1 Required 2 > [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 Beginning Inventory Ending Inventory $ 154,000 $ 237,000 415,000 670,000 1,416,000 455,000 860,000 1,236,000 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 Direct-Sewing Indirect Labor used Direct-Weaving Direct-Sewing Indirect Overhead rates as a percent of $ 675,000 184,000 $ 300,000 147,000 170,000 $ 1,300,000 465,000 1,675,000 direct labor Weaving Sewing Sales (on credit) 80% 155% $ 5,100,000 xercise 20-24 (Algo) Entries for transfer of goods across departments LO P4 equired: 1. Compute the (a) cost of products transferred from weaving to sewing, (b) cost of products transferred from sewin 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. 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. a) Transferred from Weaving to Sewing b) Transferred from Sewing to Finished Goods c) Cost of goods sold < Required 1 Required 2 >