tananebucaion.comlow/coninect.html mowork Required Information Use the following

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tananebucaion.comlow/coninect.html mowork Required Information Use the following Information for the Exercises below. (The following information applies to the questions displayod below Pro-Weave manufactures stadium blankets by passing the products through a weaving department and a sewing department The following Information is available regarding tts June Inventories: Beginning Inventory Endi Raw materials inventory Work in process inventory-weaving Work in process inventory-Sewing Finished goods inventory S 128,e00 $297,0e 36e, ee0415,eee 848,800 1,436,688 1,476,888 655,880 The following additional information describes the company's manufacturing activties for June: 665,8ee 35e,8ee Raw materials purchases (on credit) Factory wages cost (paid in cash) other factory overhead cost (other Accounts credited) Materials used 178,80 Direct-Weaving Direct-sewing Indirect s 2se,eee 84,eee 170,088 Labor used Direct-weaving Direct-sewing Indirect $1,325,0e0 445,800 1, 688,8ee overhead rates as a percent of direct labor 80% weaving sewing sales (on credit) 4,750, 802 Prey4 of 10 e to search

Explanation / Answer

Weaving Sewing Beginning wip 360,000 655,000 transferred to sewing 2,580,000 Cost added during the year Direct materiald 250,000 84,000 direct labor 1,325,000 445,000 overhead applied 1060000 734250 total cost added 2,635,000 1,263,250 total cost . 2,995,000 4,498,250 less ending inventory 415,000 840,000 cost completed 2,580,000 3,658,250 cost of goods sold beginning finished goods inventory 1,436,000 Add cost from sewing 3,658,250 total goods Available 5,094,250 Ending finished goods inventory 1,476,000 cost of goods sold 3,618,250 1) a)Cost of products transferred from weaving to sewing -$2,580,000 b)cost of products transferred from sewing to finished-3,658,250 c)cost of goods sold -$3,618,250 2) Journal entries Accounting titles & explanations Debit Credit 1) Work in process -sewing 2,580,000 work in process-weaving 2,580,000 2) Finished goods inventory 3,658,250 work in process -sewing 3,658,250 4) Cost of goods sold 3,618,250 finished goods inventory 3,618,250 3) Accounts receivable 4,750,000 Sales 4,750,000 sale of goods on account

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