u Read Me First-30619.2018 Ch. 16 HW 6 Help S Required information The following
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u Read Me First-30619.2018 Ch. 16 HW 6 Help S 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 Part 2 of 2 department. The following information is available regarding its June inventories 50 points Beginning Ending Raw materials inventory Work in process inventory-Weaving Work in process inventory-Sewing Finished goods inventory 120,000 300, 000 185,000 330,000 700,00 Hint 570, 000 Print 1,266, 000 1,206,000 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) s S00, 000 3,060,000 156,000 Prev of 2Explanation / Answer
Transaction Particulars Debit Credit a Raw Material Inv $ 500,000.00 Accounts Payable $ 500,000.00 (To record purchase of RM) b WIP Inventroy $ 315,000.00 Raw Material Inv $ 315,000.00 (Record usage of RM) c Factory OH $ 66,000.00 Raw Material Inv $ 66,000.00 (Use of Indirect Mateial in production) d WIP $ 1,560,000.00 Factory Payroll Payable $ 1,560,000.00 (Use of direct Labour in production) e Factory OH $ 1,500,000.00 Factory Payroll Payable $ 1,500,000.00 (Use of indirect Labour in production) f Factoey OH $ 156,000.00 Other Accounts $ 156,000.00 (cost of other overheads) g WIP Inventory $ 1,500,000.00 Factory OH $ 1,500,000.00 (Application of OH) h Factory Payroll Payable $ 3,060,000.00 Cash $ 3,060,000.00 (Payment of factory payroll) Transaction Particulars Debit Credit a Raw Material Inv 500000 Accounts Payable 500000 (To record purchase of RM) b WIP Inventroy =240000+75000 Raw Material Inv =240000+75000 (Record usage of RM) c Factory OH 66000 Raw Material Inv 66000 (Use of Indirect Mateial in production) d WIP =1200000+360000 Factory Payroll Payable =1200000+360000 (Use of direct Labour in production) e Factory OH 1500000 Factory Payroll Payable 1500000 (Use of indirect Labour in production) f Factoey OH 156000 Other Accounts 156000 (cost of other overheads) g WIP Inventory =1200000*80%+360000*150% Factory OH =1200000*80%+360000*150% (Application of OH) h Factory Payroll Payable =1500000+1560000 Cash =1500000+1560000 (Payment of factory payroll)
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