[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 $ 194,000 335,000 600,000 Ending Inventory $ 221,000 355,000 995,000 1,486,000 1,446,000 The following additional Information describes the company's manufacturing activities for June: Raw materials purchases (on credit) $ 665,000 200,000 Other actual overhead cost (paid in cash) 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) $ 272,000 147,000 166,000 $ 1,275,000 435,000 1,750,000 90% 165% $ 5,450,000 1. Prepare Journal entries dated June 30 to record: (a) raw materials purchases. (b) direct materials used. (c) Indirect materials used, (d) direct labor used. (e) Indirect labor used, (f) other actual overhead costs, and (g) overhead applied.

[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 $ 194,000 335,000 600,000 Ending Inventory $ 221,000 355,000 995,000 1,486,000 1,446,000 The following additional Information describes the company's manufacturing activities for June: Raw materials purchases (on credit) $ 665,000 200,000 Other actual overhead cost (paid in cash) 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) $ 272,000 147,000 166,000 $ 1,275,000 435,000 1,750,000 90% 165% $ 5,450,000 1. Prepare Journal entries dated June 30 to record: (a) raw materials purchases. (b) direct materials used. (c) Indirect materials used, (d) direct labor used. (e) Indirect labor used, (f) other actual overhead costs, and (g) overhead applied.

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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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
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
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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 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 $ 1,200,000 52,000 68,000 88,000 239,000 287,000 43,000 34,000 68,000 109,000 174,000 62,000 82,000 106,000
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[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 $ 172,000 315,000 Work in process inventory-Sewing 620,000 Finished goods inventory 1,366,000 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 Raw materials inventory Work in process inventory-Weaving 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) $ 555,000 184,000 $ 250,000 138,000 166,000 $ 1,375,000 395,000 1,575,000 80% 150% Ending Inventory $ 185,000 400,000 850,000 1,226,000 $ 4,250,000 Required: 1. Compute the (a) cost of products transferred from…
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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…
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