(Solution) 12) Pro-Weave Manufactures Stadium Blankets By Passing The Products Through A Weaving Department And A Sewing Department. The Following Information... | Snapessays.com


(Solution) 12) Pro-Weave manufactures stadium blankets by passing the products through a weaving department and a sewing department. The following information...


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.

 


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This question was answered on: May 23, 2022

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