Question

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 iventories: Baginning Ending Invantoy Invantoy 5 120,000 185.000 Rar mate=121a inventory Mozk in procaaa invantory sawing Piniahed geoda invantoy 1.266.000 1,206,000 The following additional information describes the company's manufacturing activities for June: 5 500,000 156,000 5 240,000 120,000 agaa coat (paid in caah) tha: acto y ohaad coat (otha: Accounta cadited) Indi-act Lab ad 51.200.000 360.000 1,500.000 Indi-act Waaving Sawing salaa くon credit) 54,000.000 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 joumal 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. Requiredl Required 2 Compute the (a) cost of products transferred from weaving to sewing, (b) cost of products transferred from sewing to finished goods, and () cost of goods sold. a) Sewing (b) | Finished Goods (c) Cost o goods sold

Answer 1

T- accounts
work in process -Weaving
opening bal		300,000	Trfd to sewing		2,370,000
Direct materials		240,000
direct labor		1,200,000
overhead applied		960000
ending balance		330,000
work in process -sewing
opening bal		570,000	Finished goods		3,215,000
WIP -Weaving		2,370,000
Direct materials		75,000
direct labor		360,000
overhead applied		540000
ending balance		700,000
Finished goods
opening		1,266,000	cost of goods sold		3,275,000
WIP -sewing		3,215,000
End bal		1,206,000
a)	Sewing			2,370,000
b)	finished goods			3,215,000
c)	cost of goods sold			3,275,000
Date	General journal				Debit	Credit
30-Jun	work in process -Sewing				2,370,000
	work in process -weaving					2,370,000
30-Jun	finished goods				3,215,000
	work in process-Sewing					3,215,000
30-Jun	Account receivable				4,000,000
	sales					4,000,000
30-Jun	Cost of goods sold				3,275,000
	finished goods					3,275,000