No results Options v ork Problem Saved Help Sa Required information [The followi

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No results Options v ork Problem Saved Help Sa 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: BeginningEnding InventoryInventory Raw materials inventory Work in process inventory-Weaving Work in process inventory-Sewing Finished goods inventory 120,e0 201,e00 400,000 950,000 1, 326,eee 1,446, e00 480,000 655,000 The following additional information describes the company's manufacturing activities for June: ch

Explanation / Answer

Particulars Weaving Deptt. Sewing Deptt Transfer from Weaving Deptt $26,70,000.00 Material $2,50,000.00 $1,35,000.00 Labour $13,00,000.00 $4,65,000.00 Overhead ( Weaving : 80%, Sewing : 155% $10,40,000.00 $7,20,750.00 Total Trf to WIP Add: Beginning WIP $4,80,000.00 $6,55,000.00 Less: Ending WIP -$4,00,000.00 -$9,50,000.00 Goods Trff to Next Deptt $26,70,000.00 $36,95,750.00 Particular Finished Goods Tranfered from Sewing Deptt $36,95,750.00 Add: Beginning Inventory $13,26,000.00 Less; Ending Inventory -$14,46,000.00 Cost of Goods Sold $35,75,750.00 Journal Entries S. No. Accoutn Tittle Debit Credit 1 WIP- Sewing Deptt. $2,67,000.00 WIP- Weaving Deptt. $2,67,000.00 2 Finished Goods Inventory $36,95,750.00 WIP- Sewing Deptt. $36,95,750.00 3 Account Receivable $46,50,000.00 Sales Reveune $46,50,000.00 4 Cost of Goods Sold $35,75,750.00 Finished Goods Inventory $35,75,750.00

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