Required informationUse 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 sewingdepartment. The following information is available regarding its June inventories:Raw materials inventoryBeginningInventory$ 154,000450,000640,000Work in process inventory-WeavingWork in process inventory-SewingFinished goods inventory1,396,000The following additional information describes the company's manufacturing activities for June:Raw materials purchases (on credit)Other actual overhead cost (paid in cash)Materials usedDirect-WeavingDirect-SewingIndirectLabor usedDirect-WeavingDirect-SewingIndirectOverhead rates as a percent of direct laborWeavingSewingSales (on credit)$ 625,000200,000$ 288,00081,000166,000$ 1,325,000405,0001,775,000(a) Transferred from Weaving to Sewing(b) Transferred from Sewing to Finished Goods(c) Cost of goods sold85%160%Required 1$ 5,050,000Exercise 16-24 (Algo) Entries for transfer of goods across departments LO P4Complete this question by entering your answers in the tabs below.Required:1. Compute the (a) cost of products transferred from weaving to sewing, (b) cost of products transferred from sewing to finishedgoods, and (c) cost of goods sold. Hint. Compute the total production costs in each department and then subtract the endinginventory to get the amount transferred out of each department.2. Prepare journal entries dated June 30 to record (a) goods transferred from weaving to sewing, (b) goods transferred from sewingto finished goods, (c) sale of finished goods, and (d) cost of goods sold.EndingInventory$293,000440,000935,0001,436,000Required 1 Required 2Compute the (a) cost of products transferred from weaving to sewing, (b) cost of products transferred from sewing to finishedgoods, and (c) cost of goods sold.Required 2 >

Process costing is used in the manufacturing of products that are required to undergo more than one…

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 Work in process inventory-Weaving Work in process inventory-Sewing Finished goods inventory Beginning Inventory $ 154,000 450,000 640,000 1,396,000 Ending Inventory $ 293,000 440,000 935,000 1,436,000

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 Work in process inventory-Weaving Work in process inventory-Sewing Finished goods inventory Beginning Inventory $ 154,000 450,000 640,000 1,396,000 Ending Inventory $ 293,000 440,000 935,000 1,436,000

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 [The following information apples to the questions displayed below.] Pro-Weave manufactures stadlum 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 $ 178,00e 400,000 580, eee 1,446,e0e Ending Inventory $ 289,000 378,808 768, 808 1,286,809 The following additlonal Information describes the company's manufacturing activitles for June: $ 585,000 3,315,000 Raw materials purchases (on credit) Factory payroll cost (paid in cash) Other factory overhead cost (Other Accounts credited) Materials used 17e,00e Direct-Neaving Direct-Sewing $ 298,000 99,000 152,00e Indirect Labor used Direct-Neaving Direct-Sewing Indirect $1, 250, 880 565,000 1,5ee, 00e Overhead rates as a percent of direct labor Weaving Sewing Sales (on credit) Bex 16ex…
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…
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. Ending Inventory $ 122,500 Raw materials inventory Work in process inventory-Cutting 155,500 119,400 Work in process inventory-Stitching Finished goods inventory 46,250 The following additional information describes the company's production activities for May. Direct materials used-Cutting Direct materials used-Stitching Direct labor Direct labor-Cutting Direct labor-Stitching Direct materials Raw materials purchased on credit $ 120,000 26,500 0 Factory Overhead (Actual costs) Indirect materials used Indirect labor usedi Other overhead costs Factory Overhead Rates Cutting Stitching Sales Beginning Inventory. $ 25,100 100,400 (a) Transferred to work in…
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…
AniMixPlay - Watch... MechMap E Indian River State C. PK Your Shopping Cart. K MAXKEY - Famous... O ne Whipped Cream Department of the John Kinky Toy Factory has the information below available for the r Jork in process inventory, March 1 17,000 faterials, March 1 6,000 urchase of materials 85,000 Cost of materials available for use Less Materials, March 31 7,000 Cost of materials placed in production Direct Labor 25,000 Factory Overhead: Indirect Labor 15,000 Indirect Materials Other factory supplies & utilities costs 9.000 Total Factory Overhead 34,000 Total manufacturing costs added Total Manufacturing costs Less: Work in Process inventory, March 31 18,500 Cost of good Manufactured Sales 235,000 Finished goods inventory, March 1 21,000 Cost of goods manufactured From Above Cost of finished goods available for sale onorlock Browser Guard"M Ir app.ho
mework i ces W 3 ! Required information [The following information applies to the questions displayed below.] Use the following selected account balances of Delray Manufacturing for the year ended December 31. Sales. Raw materials inventory, beginning Work in process inventory, beginning Finished goods inventory, beginning Raw materials purchases how ma Direct labor Indirect labor Repairs-Factory equipment Rent cost of factory building Selling expenses General and administrative expenses Raw materials inventory, ending Work in process inventory, ending Finished goods inventory, ending Direct materials: Raw materials inventory, beginning Add: Raw materials purchases * Prepare its schedule of cost of goods manufactured for the year ended December 31. DELRAY MANUFACTURING Schedule of Cost of Goods Manufactured For Year Ended December 31 14 O 16 $ 2,700,000 112,000 146,000 190,000 515,000 618,000 93,000 74,000 148,000 237,000 $ 112,000 515,000 Q Search 379,000 134,000 175,000 228,000 17…
Required information Use the following information for the Exercises below. (Algo) [The following information applies to the questions displayed below.] The first production department of Stone Incorporated reports the following for April. Beginning work in process inventory Units started this period Completed and transferred out Ending work in process inventory Show Transcribed Text Units 72,000 382,000 360,000 94,000 The production department had the cost information below. Beginning work in process inventory Direct materials Costs added this period Direct materials Conversion Total costs to account for 3 Exercise 3-9 (Algo) Weighted average: Cost per equivalent unit; costs assigned to output and inventory LO P1 Direct Materials Percent Complete 70% $ 167,920 38,028 80% 1,115,920 777,192 C Exercise 3-9 (Algo) Weighted average: Cost per equivalent unit; costs assigned to output and inventory LO P1 $ 205,948 Conversion 1,893,112 $ 2,099,060 Percent Complete a. Compute cost per…
Required information Use the following information for the Exercises below. (Algo) Skip to question [The following information applies to the questions displayed below.] Note: Assume all raw materials were used as direct materials. Beginning of Year End of Year Inventories Raw materials inventory $ 6,300 $ 8,100 Work in process inventory 12, 600 9,300 Finished goods inventory 9, 100 5,800 Activity during current year Raw materials purchased $ 124,100 Direct labor 94,300 Factory overhead 39,900 QS 14-17 (Algo) Schedule of cost of goods manufactured LO P2 Factory overhead of $39,900 consists of Indirect labor of $20,300, Depreciation expense-Factory of $15,300, and Factory utilities of $4,300. Compute total manufacturing costs. Prepare a schedule of cost of goods manufactured.
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
Please answer the following subparts in regards to this same question: d. Direct labor usede. Indirect labor usedf. Other overhead costs paid in cash 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 $ 81,000 $ 97,900 Work in process inventory—Cutting 193,500 135,500 Work in process inventory—Stitching 213,300 107,000 Finished goods inventory 50,100 38,250 The following additional information describes the company's production activities for May. Direct materials Raw materials purchased on credit $ 100,000 Direct materials used—Cutting 25,500 Direct materials used—Stitching 0 Direct labor Direct labor—Cutting $ 23,100 Direct labor—Stitching 92,400 Factory Overhead (Actual costs)…
y Questions | bartleby How many units must be in... My Home CengageNOWv2| Online te... eBook Show Me How Pant Risers manufactures bands for self-dressing assistive devices for mobility-impaired individuals. Manufacturing is a one-step process where the bands are cut and sewn. This is the information related to this year's production: Units to Account For Units Materials Conversion Beginning work in process inventory 600 600 250 Started 21,400 Total units to accounted for 22,000 Ending inventory was 100% complete as to materials and 70% complete as to conversion, and the total materials cost is $59,840 and the total conversion cost is $37,648. Using the weighted-average method, what are the unit costs if the company transferred out 18,000 units? If required, round final answers to two decimal places. Cost per unit Materials %24 Conversion $ Using the weighted-average method, what is the value of the inventory transferred out and the value of the ending WIP inventory? Inventory…
Required Information [The following information applies to the questions displayed below.] Annin Laboratories uses the FIFO method to account for its work-in-process inventories. The accounting records show the following information for February. Beginning WIP inventory Direct materials Conversion costs Current period costs Direct materials Conversion costs Beginning inventory Current period units started Ending inventory $ 21,553 7,105 Quantity Information is obtained from the manufacturing records and includes the following: 123,992 55,520 Cost of goods transferred out Cost of ending inventory 6,000 units (40% complete as to materials, 15% complete as to conversion) 44,200 units 13,000 units (75% complete as to materials, 35% complete as to conversion) Compute the cost of goods transferred out and the ending Inventory for February using the FIFO method. Note: Do not round Intermediate calculations. Round your final answers to the nearest whole dollar.