Requirement 1.Prepare journal entries dated June 30 to record: raw materials purchases,direct materials used,indirect materials use direct labor used, indirect labor used,other actual overhead costs,overhead applied 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 thendepartment. The following information is available regarding its June inventories:Raw materials inventoryWork in process inventory-WeavingWork in process inventory-SewingFinished goods inventoryRaw materials purchases (on credit)Other actual overhead cost (paid in cash)Materials usedDirect-WeavingDirect-SewingIndirectLabor usedBeginningInventoryThe following additional information describes the company's manufacturing activities for June:Direct-WeavingDirect-SewingIndirectOverhead rates as a percent of direct laborWeavingSewingSales (on credit)$ 158,000440,000695,0001,316,000$ 680,000210,000$ 292,00084,000154,000$ 1,275,000410,0001,700,000160%Ending Inventory$ 209,000510,000995,0001,216,000$ 4,250,000

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Description: Requirement 1.Prepare journal entries dated June 30 to record: raw materials purchases,direct materials used,indirect materials use direct labor used, indirect labor used,other actual overhead costs,overhead applied Required information[The following

Journal Entry :— Journal Entry is the Process of Recording Financial and Non financial Transactions…

Business

Accounting

Requirement 1. Prepare journal entries dated June 30 to record: raw materials purchases, direct materials used, indirect materials use direct labor used, indirect labor used, other actual overhead costs, overhead applied

Requirement 1. Prepare journal entries dated June 30 to record: raw materials purchases, direct materials used, indirect materials use direct labor used, indirect labor used, other actual overhead costs, overhead applied

Cornerstones of Cost Management (Cornerstones Series)

4th Edition

ISBN:9781305970663

Author:Don R. Hansen, Maryanne M. Mowen

Publisher:Don R. Hansen, Maryanne M. Mowen

Chapter6: Process Costing

Section: Chapter Questions

Problem 8CE: Gunnison Company had the following equivalent units schedule and cost information for its Sewing...

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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: 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 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) Beginning Ending Inventory Inventory $ 176,000 $221,000 480,000 460,000 670,000 940,000 1,406,000 1,266,000 Required Required 2 $ 575,000 166,000 (a) Transferred from Weaving to Sewing (b) Transferred from Sewing to Finished Goods (c) Cost of…
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Required Information Use the following Information for the Exercises below. (Algo) [The following information applies to the questions displayed below.] The following dets is provided for Garcon Company and Pepper Company for the year ended December 31. Finished goods inventory, beginning work in process inventory, beginning Raw materials inventory, beginning Rental cost on factory equipment Direct labor Finished goods inventory, anding Work in process inventory, ending Raw materials inventory, ending Factory and administrative expenses Indirect labor Repairs-Factory equipment Raw materials purchases Selling expenses Sales Cash Accounts receivable, not Direct materials Required 2 Raw materials available for use Direct materials used Factory overhead Garcon Company $ 13,500 17,100 9,000 Total factory overhead Total manufacturing costs Total cost of work in process 28,000 24 600 20,600 17. 158 Exercise 14-7 (Algo) Computing cost of goods manufactured and cost of goods sold LO P1, P2 1.…
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