Please don't give image format and don't use chatgpt answer 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:Ending InventoryRaw materials inventoryBeginningInventory$ 132,000395,000$ 241,000Work in process inventory-Weaving495,000Work in process inventory-Sewing655,000945,000Finished goods inventory1,446,0001,286,000The 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 labor.WeavingSewingSales (on credit)$ 650,000186,000$ 312,00078,000194,000$ 1,375,000515,0001,600,00085%155%$ 5,100,000 Exercise 16-24 (Algo) Entries for transfer of goods across departments LO P4Required: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.Complete this question by entering your answers in the tabs below.Required 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.(a) Transferred from Weaving to Sewing(b) Transferred from Sewing to Finished Goods(c) Cost of goods sold

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

Exercise 16-24 (Algo) Entries for transfer of goods across departments LO P4 Required: 1. Compute the (a) cost of products transferred from weaving to sewing, (b) cost of products transferred from sewing to finished goods, and (c) cost of goods sold. Hint. Compute the total production costs in each department and then subtract the ending inventory 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 sewir to finished goods, (c) sale of finished goods, and (d) cost of goods sold. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Compute the (a) cost of products transferred from weaving to sewing, (b) cost of products transferred from sewing to finished goods, and (c) cost of goods sold.

Exercise 16-24 (Algo) Entries for transfer of goods across departments LO P4 Required: 1. Compute the (a) cost of products transferred from weaving to sewing, (b) cost of products transferred from sewing to finished goods, and (c) cost of goods sold. Hint. Compute the total production costs in each department and then subtract the ending inventory 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 sewir to finished goods, (c) sale of finished goods, and (d) cost of goods sold. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Compute the (a) cost of products transferred from weaving to sewing, (b) cost of products transferred from sewing to finished goods, and (c) cost of goods sold.

Principles of Cost Accounting

17th Edition

ISBN:9781305087408

Author:Edward J. Vanderbeck, Maria R. Mitchell

Publisher:Edward J. Vanderbeck, Maria R. Mitchell

Chapter2: Accounting For Materials

Section: Chapter Questions

Problem 13P: Webster Company uses backflush costing to account for its manufacturing costs. The trigger points...

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Webster Company uses backflush costing to account for its manufacturing costs. The trigger points for recording inventory transactions are the purchase of materials, the completion of products, and the sale of completed products. Required: 1. Prepare journal entries, if needed, to account for the followingtransactions. a. Purchased raw materials on account, 135,000. b. Requisitioned raw materials to production, 135,000. c. Distributed direct labor costs, 20,000. d. Incurred manufacturing overhead costs, 80,000. (Use Various Credits for the credit part of the entry.) e. Cost of products completed, 235,000. f. Completed products sold for 355,000, on account. 2. Prepare any journal entries that would be different from theabove, if the only trigger points were the purchase of materialsand the sale of finished goods.
Loanstar had 100 units in beginning inventory before starting 950 units and completing 800 units. The beginning work in process inventory consisted of $2,000 in materials and $500O in conversion costs before $8.500 of materials and $11,200 of conversion costs were added during the month. The ending WIP inventory was 100% complete with regard to materials and 40% complete with regard to conversion costs. Prepare the journal entry to record the transfer of inventory from the manufacturing department to the finished goods department.
Rexar had 1,000 units in beginning inventory before starting 9.500 units and completing 8,000 units. The beginning work in process inventory consisted of $5,000 in materials and $8,500 in conversion costs before $16,000 of materials and $18,500 of conversion costs were added during the month. The ending WIP inventory was 100% complete with regard to materials and 40% complete with regard to conversion costs. Prepare the journal entry to record the transfer of inventory from the manufacturing department to the finished goods department.
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…
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 Ending Inventory Raw materials inventory $ 198,000 $ 217,000 Work in process inventory—Weaving 380,000 380,000 Work in process inventory—Sewing 670,000 700,000 Finished goods inventory 1,276,000 1,256,000 The following additional information describes the company’s manufacturing activities for June: Raw materials purchases (on credit) $ 590,000 Other actual overhead cost (paid in cash) 172,000 Materials used Direct—Weaving $ 310,000 Direct—Sewing 78,000 Indirect 162,000 Labor used Direct—Weaving $ 1,275,000 Direct—Sewing 540,000 Indirect 1,625,000 Overhead rates as a percent of direct labor Weaving 90% Sewing 160% Sales (on credit) $ 4,700,000 rev: 05_27_2021_QC_CDR-376 Required:1. Compute the (a) cost of…
Use the following information for the Exercises below. (Algo) Skip to question [The following information applies to the questions displayed below.] The following data is provided for Garcon Company and Pepper Company for the year ended December 31. Garcon Company Pepper Company Finished goods inventory, beginning $ 14,100 $ 17,200 Work in process inventory, beginning 17,600 20,550 Raw materials inventory, beginning 7,800 11,550 Rental cost on factory equipment 30,500 23,950 Direct labor 19,200 41,800 Finished goods inventory, ending 19,250 14,700 Work in process inventory, ending 26,500 20,200 Raw materials inventory, ending 7,000 7,800 Factory utilities 11,100 13,750 General and administrative expenses 25,500 50,000 Indirect labor 10,750 12,020 Repairs—Factory equipment 5,900 2,250 Raw materials purchases 34,500 58,000 Selling expenses 58,000 52,900 Sales 282,150 390,560 Cash 26,000 22,700 Accounts receivable, net 16,600 23,700…
Bags R Us manufactures back packs for schools. The business uses a perpetual inventory systemand has a highly labour intensive production process, so it applies manufacturing overhead basedon direct labour hours. Any overhead variance is closed out to Cost of Goods Sold.The business’s pre-determined overhead application rate for 2018 was computed from thefollowing data:Total estimated factory overheadsTotal estimated direct labour hours$4,200,00035,000During the first month of 2018, the business recorded the following transactions.i) Purchased materials on account, $500,000ii) Incurred manufacturing wages of $1,065,000iii) Issued direct materials and used direct labour in manufacturingDirect Materials Direct Labour Direct Labour HoursJob 401 $100,000 $220,000 1,200Job 402 81,000 190,000 1,000Job 403 90,000 205,000 1,100Job 404 150,000 290,250 1,800iv) Issued indirect materials to production, $80,000v) Charged indirect manufacturing wages to production, $159,750vi) Depreciation expense…
Bags R Us manufactures back packs for schools. The business uses a perpetual inventory systemand has a highly labour intensive production process, so it applies manufacturing overhead basedon direct labour hours. Any overhead variance is closed out to Cost of Goods Sold.The business’s pre-determined overhead application rate for 2018 was computed from thefollowing data:Total estimated factory overheadsTotal estimated direct labour hours$4,200,00035,000During the first month of 2018, the business recorded the following transactions.i) Purchased materials on account, $500,000ii) Incurred manufacturing wages of $1,065,000iii) Issued direct materials and used direct labour in manufacturingDirect Materials Direct Labour Direct Labour HoursJob 401 $100,000 $220,000 1,200Job 402 81,000 190,000 1,000Job 403 90,000 205,000 1,100Job 404 150,000 290,250 1,800iv) Issued indirect materials to production, $80,000v) Charged indirect manufacturing wages to production, $159,750vi) Depreciation expense…
Can you show me steps on how to prepare a cost of goods manufatures for the current year December 31? Thanks carlos The following selected account balances are provided for Delray Mfg. Sales $ 1,044,000 Raw materials inventory, beginning 41,000 Work in process inventory, beginning 55,100 Finished goods inventory, beginning 60,900 Raw materials purchases 193,100 Direct labor 227,000 Factory supplies used (indirect materials) 18,500 Indirect labor 46,000 Repairs—Factory equipment 5,250 Rent cost of factory building 54,000 expense 103,000 General and administrative expenses 128,000 Raw materials inventory, ending 41,900 Work in process inventory, ending 41,000 Finished goods inventory, ending 69,100
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…
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)…
[The following information applies to the questions displayedbelow.]We discuss how to prepare the cost of goods manufactured reportand the income statement. The cost of goods manufactured reportshows the cost of goods manufactured, which is used in theincome statement to compute cost of goods sold, which is used tocalculate net operating income. Knowledge Check 02Venus International makes customized furniture and uses job order costing. Duringa period, its beginning raw materials inventory was $10,000. It purchased rawmaterials of $20,000 and ended the period with ending raw materials inventory of$3,000. What is the cost of raw materials transferred to Work in Process Inventory?$27,000$33,000$30,000$20,000Knowledge Check 03Smith and Stein Inc. is a jeweler specialized in making exclusive designs for itscustomers. Its unadjusted cost of goods sold in a period is $150,000 and theperiod's sales revenue is $225,000. If the underapplied manufacturing overhead is$5,000, calculate the gross…