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Required information Use the following information for the Exercises below. The following information applies to the...

Question

Required information Use the following information for the Exercises below. The following information applies to the...

Required information Use the following information for the Exercises below. The following information applies to the question
Sewing Sales (on credit) 85% 155% $4,650,000 Exercise 3-14 Production cost flow and measurement; journal entries LO P1, P2, P
Required 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: Raw materials inventory Work in process inventory-Weaving Work in process inventory-Sewing Finished goods inventory Beginning Inventory $ 178, eee 470,eee 745, eee 1,356,eee Ending Inventory $ 241, eee 520, eee 9 2e, eee 1,446, eee The following additional information describes the company's manufacturing activities for June $ 540,000 3,675, eee 192,000 $ 308,000 123, eee 142,000 Raw materials purchases (on credit) Factory wages cost (paid in cash) other factory overhead cost (other Accounts credited) Materials used Direct-Weaving Direct-Sewing Indirect Labor used Direct-Weaving Direct-Sewing Indirect Overhead rates as a percent of direct labor Weaving Sewing Sales (on credit) $1,350, eee 575,000 1,750, eee 85% 155% $4,650, eee
Sewing Sales (on credit) 85% 155% $4,650,000 Exercise 3-14 Production cost flow and measurement; journal entries LO P1, P2, P3, P4 1. Compute the (a) cost of products transferred from weaving to sewing. (b) cost of products transferred from sewing to finished goods, and (c) cost of goods sold. 2. Prepare journal entries dated June 30 to record (a) goods transferred from weaving to sewing. (b) goods transferred from sewing to finished goods, and (c) sale of finished goods. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Compute the (a) cost of products transferred from weaving to sewing, (b) cost of products transferred from sewing to finished goods, and (c) cost of goods sold. (a) Sewing (b) Finished Goods (c) Cost of goods sold $ 2,755,500 $ 4,169,750 O Required! Required 2 >

Answers

1.

a. Cost of product transferred from weaving to sewing:

Weaving
Direct material used $308,000
Direct labor used 1,350,000
Applied overhead (1,350,000*85%) 1,147,500
Total manufacturing cost 2,805,500
Add: Beginning work in process 470,000
Less: Ending work in process (520,000)
Cost of product transferred from weaving to sewing $2,755,500

b. Cost of product transferred from sewing to finished goods

Sewing department
Cost of product transferred from weaving $2,755,500
Direct material used 123,000
Direct labor used 575,000
Applied overhead (575,000*155%) 891,250
Total manufacturing cost 4,344,750
Add: Beginning work in process 745,000
Less: Ending work in process (920,000)
Cost of product transferred from sewing to finished goods $4,169,750

c. Cost of goods sold:

Finished goods
Transferred from sewing $4,169,750
Beginning finished goods 1,356,000
Ending finished goods (1,446,000)
Cost of goods sold $4,079,750

2.

Date General Journal Debit Credit
June 30 Work in process inventory-Sewing $2,755,500
Work in process inventory-Weaving $2,755,500
June 30 Finished goods inventory $4,169,750
Work in process inventory-Sewing $4,169,750
June 30 Accounts receivable $4,650,000
Sales $4,650,000
Cost of goods sold $4,079,750
Finished goods inventory $4,079,750


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