2). Record the goods transferred from sewing to finished goods. 3). Record the s

Question

2). Record the goods transferred from sewing to finished goods.

3). Record the sale of goods on account.

4). Record the cost of goods sold.

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 a sewing department. The following information is available regarding its June inventories Beginning Ending Raw materials inventory Work in process inventory-Meaving Work in process inventory-Sewing Finished goods inventory Inventory Inventory $ 188,000 S 297,000 415, 000 855,000 1,296,000 1,446, 000 465, 000 695,000 The following additional information describes the company's manufacturing activities for June Raw materials purchases (on credit) Factory wages cost (paid in cash) other factory overhead cost (Other Accounts credited) Materials used $ 575, 000 3,160,000 190, 000 Direct-Weaving Direct-Sewing Indirect $ 306,000 129,000 170,000 Labor used Direct-Meaving Direct-Sewing Indirect $1,250, 000 595,000 1,750,000 Overhead rates as a percent of direct labor Weaving Sewing 85% 1558 Sales (on credit) $4,950, 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. Prepare journal entries dated June 30 to record (a) goods transferred from weaving to sewing. (b) goods transferred from sewing to finished goods, and (c) sale of finished goods Complete this question by entering your answers in the tabs below. Required 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) Sewing (b) Finished Goods (c) Cost of goods sold

Explanation / Answer

T- accounts work in process -Weaving opening bal 465,000 Trfd to sewing 2,668,500 Direct materials 306,000 direct labor 1,250,000 overhead applied 1062500 ending balance 415,000 work in process -sewing opening bal 695,000 Finished goods 4,154,750 WIP -Weaving 2,668,500 Direct materials 129,000 direct labor 595,000 overhead applied 922250 ending balance 855,000 Finished goods opening 1,296,000 cost of goods sold 4,004,750 WIP -sewing 4,154,750 End bal 1,446,000 a) Sewing 2,668,500 b) finished goods 4,154,750 c) cost of goods sold 4,004,750 Date General journal Debit Credit 30-Jun work in process -Sewing 2,668,500 work in process -weaving 2,668,500 30-Jun finished goods 4,154,750 work in process-Sewing 4,154,750 30-Jun Account receivable 4,950,000 sales 4,950,000 30-Jun Cost of goods sold 4,004,750 finished goods 4,004,750

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