1. Prepare journal entries dated June 30 to record: (a) raw materials purchases, (b) direct materials usage, (c) indirect materials usage, (d) direct labor usage, (e) indirect labor usage, (f) other overhead costs, (g) overhead applied, and (h) payment of total wages costs. !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 sewingdepartment. The following information is available regarding its June inventories:BeginningEndingInventoryInventoryRaw materials inventoryWork in process inventory-WeavingWork in process inventory-SewingFinished goods inventory$$201,000525,000890,0001,356,000144,000470,000640,0001,486,000The following additional information describes the company's manufacturing activities for June:Raw materials purchases (on credit)Factory wages cost (paid in cash)Other factory overhead cost (Other Accounts credited)$535,0003,335,000204,000Materials usedDirect-WeavingDirect-Sewing$250,00078,000184,000IndirectLabor usedDirect-WeavingDirect-Sewing$1,325,000485,0001,525,000IndirectOverhead rates as a percent of direct laborWeavingSewingSales (on credit)80%160%$4,350,0001. Prepare journal entries dated June 30 to record: (a) raw materials purchases, (b) direct materials usage, (c) indirect materials usage,(d) direct labor usage, (e) indirect labor usage, (f) other overhead costs, (g) overhead applied, and (h) payment of total wages costs.

Solution: Journal Entries - Pro-Weave Manufacturer Event Particulars Debit Credit a Raw…

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 Inventory 144,000 470,000 640,000 1,486,000 Ending Inventory $ 201,000 Raw materials inventory Work in process inventory-Weaving Work in process inventory-Sewing Finished goods inventory 525,000 890,000 1,356,000 The following additional information describes the company's manufacturing activities for June: Raw materials purchases (on credit) Factory wages cost (paid in cash) Other factory overhead cost (Other Accounts credited) Materials used 2$ 3,335,000 204,000 535,000 Direct-Weaving Direct-Sewing Indirect 250,000 78,000 184,000 $ Labor used Direct-Weaving Direct-Sewing Indirect $1,325,000 485,000 1,525,000 Overhead rates as a percent of direct labor Weaving Sewing Sales (on credit) 808 160% $4,350,000

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 Inventory 144,000 470,000 640,000 1,486,000 Ending Inventory $ 201,000 Raw materials inventory Work in process inventory-Weaving Work in process inventory-Sewing Finished goods inventory 525,000 890,000 1,356,000 The following additional information describes the company's manufacturing activities for June: Raw materials purchases (on credit) Factory wages cost (paid in cash) Other factory overhead cost (Other Accounts credited) Materials used 2$ 3,335,000 204,000 535,000 Direct-Weaving Direct-Sewing Indirect 250,000 78,000 184,000 $ Labor used Direct-Weaving Direct-Sewing Indirect $1,325,000 485,000 1,525,000 Overhead rates as a percent of direct labor Weaving Sewing Sales (on credit) 808 160% $4,350,000

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Required information Use the following information for the Exercises below. (Algo) [The following information applies to the questions displayed below.] Pro-Weave manufactures stadium blankets by passing the products through a weaving department and then a sewing department. The following information is available regarding its June inventories: Raw materials inventory Beginning Inventory $ 154,000 450,000 640,000 Work in process inventory-Weaving Work in process inventory-Sewing Finished goods inventory 1,396,000 The following additional information describes the company's manufacturing activities for June: Raw materials purchases (on credit) Other actual overhead cost (paid in cash) 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) $ 625,000 200,000 $ 288,000 81,000 166,000 $ 1,325,000 405,000 1,775,000 (a) Transferred from Weaving to Sewing (b) Transferred…
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 Inventory Ending Inventory Raw materials inventory $ 154,000 $ 261,000 Work in process inventory—Weaving 470,000 340,000 Work in process inventory—Sewing 750,000 840,000 Finished goods inventory 1,356,000 1,286,000 The following additional information describes the company’s manufacturing activities for June: Raw materials purchases (on credit) $ 675,000 Factory payroll cost (paid in cash) 3,325,000 Other factory overhead cost (Other Accounts credited) 176,000 Materials used Direct—Weaving $ 298,000 Direct—Sewing 78,000 Indirect 124,000 Labor used…
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 then a sewing department. The following information is available regarding its June inventories: in cash) Materials used Raw materials inventory Work in process inventory-Weaving Work in process inventory-Sewing Finished goods inventory The following additional information describes the company's manufacturing activities for June: Raw materials purchases (on credit) Other actual overhead cost (paid 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) Beginning Inventory $ 134,000 385,000 575,000 1,336,000 Required Required 1 2 $ 515,000 202,000 (a) Transferred from Weaving to Sewing (b) Transferred from Sewing to Finished Goods (c) Cost of goods sold $ 242,000 90,000 188,000
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 then a sewing department. The following Information is available regarding its June Inventories: Beginning Inventory Ending Inventory $ 194,000 335,000 $ 221,000 355,000 600,000 995,000 1,486,000 1,446,000 The following additional Information describes the company's manufacturing activities for June: Raw materials purchases (on credit) $ 665,008 Other actual overhead cost (paid in cash) 200,000 Materials used Raw materials inventory Work in process inventory-Weaving Work in process inventory-Sewing Finished goods inventory 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) View transaction list Journal entry worksheet 2 1 1. Prepare Journal entries dated June 30 to record: (a) raw materials…
Pro-Weave manufactures stadium blankets by passing the products through a weaving department and then a sewing department. The following information is available regarding its June inventories: Beginning Inventory $ 170,000 395,000 690,000 1,336,000 The following additional information describes the company's manufacturing activities for June: Raw materials inventory Work in process inventory-Weaving Work in process inventory-Sewing Finished goods inventory Raw materials purchases (on credit) Other actual overhead cost (paid in cash) 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) $ 615,000 174,000 $ 266,000 123,000 172,000 $ 1,250,000 430,000 1,500,000 90% 160% $ 4,900,000 Ending Inventory $ 213,000 370,000 745,000 1,346,000
Required Information [The following Information applies to the questions displayed below.] Sierra Company manufactures soccer balls in two sequential processes: Cutting and Stitching. All direct materials enter production at the beginning of the cutting process. The following information is available regarding Its May Inventories: Beginning Inventory Ending Inventory Raw materials inventory Work in process inventory-Cutting Work in process inventory-Stitching Finished goods inventory $ 6,000 $ 9,250 43,500 51,500 63,300 60,500 20,100 8,250 The following additional information describes the company's production activities for May. Direct materials Raw materials purchased on credit Direct materials used-Cutting Direct materials used-Stitching Direct labor Direct labor-Cutting Direct labor-Stitching Factory Overhead (Actual costs) Indirect materials used Indirect labor used Other overhead costs Factory Overhead Rates Cutting Stitching $ 25,000 21,750 0 $ 15,600 62,400 $ 6,000 55,000…
the beginning of the Cutting process. The following information is available regarding its May inventories: Ending Inventory Beginning Inventory $ 6,000 43,500 63,300 20,100 The following additional information describes the company's production activities for May. Raw materials inventory Work in process inventory-Cutting Work in process inventory-Stitching Finished goods inventory Direct materials Raw materials purchased on credit Direct materials used-Cutting Direct materials used-Stitching Direct labor Direct labor-Cutting Direct labor-Stitching Factory Overhead (Actual costs) Indirect materials used Indirect labor used Other overhead costs Factory Overhead Rates Cutting Stitching Sales View transaction list Journal entry worksheet < $ 256,000 Requirement General General Journal Ledger Raw Materials Prepare journal entries for the month of May's transactions. Note: Enter debits before credits. Dato May 31 Record entry $ 25,000 21,750 0 Trial Balance $ 15,600 62,400 (150% of direct…
Required information Skip to question [The following information applies to the questions displayed below.] Sierra Company manufactures soccer balls in two sequential processes: Cutting and Stitching. All direct materials enter production at the beginning of the cutting process. The following information is available regarding its May inventories: Beginning Inventory Ending Inventory Raw materials inventory $ 6,000 $ 9,250 Work in process inventory—Cutting 43,500 51,500 Work in process inventory—Stitching 63,300 60,500 Finished goods inventory 20,100 8,250 The following additional information describes the company's production activities for May. Direct materials Raw materials purchased on credit $ 25,000 Direct materials used—Cutting 21,750 Direct materials used—Stitching 0 Direct labor Direct labor—Cutting $ 15,600 Direct labor—Stitching 62,400 Factory Overhead (Actual costs) Indirect materials used $ 6,000 Indirect labor used 55,000 Other overhead costs 46,505 Factory Overhead Rates…
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ning services - SQU Libraries - SQU Portal Attendand XYZ Company developed the following data for the current year: Ending work in process inventory OMR250,000 ; Direct materials used OMR96,000; Manufacturing Overhead applied OMR144,000 ; Cost of goods manufactured OMR350,000 ; Direct labor cost OMR240,000. Company's beginning work in process inventory is Select one: O a. OMR380,000 O b. OMR145,000 O c. OMR120,000 Q d. None of the answers given e. OMR580.000 YZCompany uses normal costing. Following are
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