12) 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: BeginningInventory EndingInventory Raw materials inventory $ 140,000 $ 197,000 Work in process inventory—Weaving 360,000 485,000 Work in process inventory—Sewing 655,000 790,000 Finished goods inventory 1,316,000 1,256,000 The following additional information describes the company’s manufacturing activities for June: Raw materials purchases (on credit) $ 545,000 Factory payroll cost (paid in cash) 3,375,000 Other factory overhead cost (Other Accounts credited) 218,000 Materials used Direct—Weaving $ 242,000 Direct—Sewing 117,000 Indirect 180,000 Labor used Direct—Weaving $1,325,000 Direct—Sewing 500,000 Indirect 1,550,000 Overhead rates as a percent of direct labor Weaving 85% Sewing 150% Sales (on credit) $5,150,000 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 payroll costs.
This question was answered on: May 23, 2022
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