Pro-Weave manutactures stadilum blankets by passing the products through a weavi

Question

Pro-Weave manutactures stadilum blankets by passing the products through a weaving department and a sewing department. The tollowing Intormation ls avallable regarding ts June Inventorie6 aw materals nentory Work in process Inventory Weaving Work in process Inventory-sewing Fihlahed goo0s Inventory Eeginming Ending invenbory 5 289,000 365.000 5 125,000 375.000 710000 1.346,000 1 286,000 The tollowing adotional Information describes the company's manutacturing acvties for June aw materlals purchase6 (on creo Facory payroll cost (pald in cash) Otner facory overnead cost (otner Accounts creditec Materlals used 5 550,000 3 280,000 178.000 5 270,000 126.000 188 000 ndlrect Labor wsed 51200,000 510000 1,575,000 ndlrect Ovemead rates as a percant of direct labor Weaving Sewing 35% 165% Sales (on crean 1. Compute the (a) cst of products transterred from weaving to sewing. () cost of products transterred from ewing to finlahed goods, and (c)cost of goods sold. (a) From weaving to sewing ( From sewing to nlshed (c) Cost of goods sol 2. Prepare Journal entries dated June 30 to record (a) goo0s transterred from weaving to sewing. () g0008 transferred from sewing to inlahed goods, and (c) sale of lshed goods. View transacion list Journal entry worksheet Record the goods transferred from weaving to sewing. Date Debit June 30 Record entry Clear entry View genèral journal

Explanation / Answer

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Statement of goods sold Weaving Sewing Cost of Material used Raw Naterial - Beginning Inventory 126000 Add: Purchases 550000 Material available for use 676000 Less: Ending Inventory 289000 Cost of Material used 387000 270000 126000 Direct Labor 1200000 510000 Overhead applied 1020000 841500 Indirect Material 188000 Indirect Labor 1575000 Other factory overhead cost 178000    Cost incurred during the period 2490000 1477500    Cost transferred from Weaving department 2510000 Add: Beginning work in process 375000 710000 Total cost of month 2865000 4697500 Less: Ending work in process 355000 865000 Cost of goods Manufactured 2510000 3832500

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