uired information Use the following information for the Exercises below. [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-leaving Work in process inventory-Sewing Finished goods inventory Inventory Inventory S 148,000 257,800 495,000 988,880 1,296,090 1,316,80 480,080 650,000 The following additional information describes the company\'s manufacturing activities for June
Req 1-a: Cost of Goods transfrred from Weaving to Sewing: Beginning WIP of Weaving 480000 Add: Current cost of manufacturing Direct material 318,000 Direct Labour 1,350,000 OH (1350000*90%) 1215000 2883000 Total cost of Goods in manufacturing 3363000 Less: Ending inventory of WIP 495000 Cost of Goods transfrred from Weaving to Sewing: 2868000 Cost of Goods transferred to finished goods from Sewing Beginning Inventory of WIP 650000 Add: Current cost of Manufacturing Transferred in cost 2868000 Material 126000 Labour 525000 Oh (525000*150%) 787500 4306500 Total cost of Goods in manufacturing 4956500 Less: Ending WIP inventory 980000 Cost of Goods transferred to finished goods from Sewing 3976500 Cost of Goods sold Beginning Inventory of FG 1296000 Add: Cost of Goods manufactured from Sewing 3976500 Total cost of goods available for sale 5272500 Less: ending Inventory of FG 1316000 Cost of Goods sold 3956500 Journal entries: 1 Work in process Inventory-Sewing Dr. 2868000 Work in process Inventory-Weaving 2868000 2 Finished Goods inventory Dr. 3976500 Work in process Inventory-Sewing 3976500 3 Accounts receivable Dr. 4,000,000 Sales revenue 4,000,000 Cost of Goods sold Dr. 3956500 Finished Goods inventory 3956500
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