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https html?returnUrl: https%3A%2F%2F indexhtml%23%2 Required informetion 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 Rau materials inventory 5 162,00021,00 Work in process Pinished goods Smventory 325,000 748,000 1.306,001,396,000 The following additional information describes the company\'s manufacturing activities for June Raw materiels purchases (on credit) Factory ages cost (pald In cash) Other factory overhead cost (Other Accounts credited 3, 169,000 180,009 rect-ieav 5 302,00e $1,325,00 1,55e,800 Overhead rates as a percent of direct labor Weaving Sales (on credit) 1. Compute the cost of products transferred from weaving to sewng·(t? cost of products transferred from, sewing to hnished goods. and tc) cost of goods sold ne tansteried from weaingto swingo) gorstered tm seng io finished goods, and (c) sale of finished goods Complete this question by entering your answers in the tabs beloww. of 9111 Next >

Solution

Cost of Goods transferred from Weaving to Sewing: Current cost of manufacturing: Material 302000 Labour 1125000 Overheads 1012500 Total manufacturing cost 2439500 Add: Beginning WIP 325000 Cost of goods manufacturing 2764500 Less: Ending WIP 415000 Cost of Goods transferred to Sewing 2349500 Cost of Goods transfrred to Finished Goods from Sewing Current cost of manufacturing: Transferred in cost 2349500 Material 138000 Labour 525000 Overheads 813750 Total manufacturing cost 3826250 Add: Beginning WIP 740000 Cost of goods manufacturing 4566250 Less: Ending WIP 965000 Cost transferred to Finished Goods 3601250 Cost f Goods sold: Beginning Inventory of FG 1306000 Add: Cost of Goods manufactured 3601250 Cost of goods available for sale 4907250 Less: ending inventory of FG 1196000 Cost of Goods sold 3711250 Add: Underapplied overheads OH incurred 1922000 OH applied 1826250 95750 Adjusted cost of goods sold 3807000 Journal entries: a. Work in process invntory Account-Sewing Dr. 2349500      Work in process Inventory-Weaving account 2349500 b. Finished Goods inventory Account Dr. 3601250     Work in process inventory-Sewing account 3601250 c. Accounts receivable Dr. 4400000    Sales revenue Account 4400000 Cost of Goods sold Account Dr. 3807000      Finished Goods inventory Account 3807000