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 $ 180,000 455,000 590,000 1, 296, 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 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) $ 560,000 202,000 $ 274,000 138,000 144,000 $ 1,350,000 475,000 1,725,000 90% 155% Ending Inventory $ 225,000 335,000 990,000 1,226,000 $ 5,400,000 repare journal entries dated June 30 to record: (a) raw materials purchases, (b) direct materials used, (c) indirect materials used, (d) ect labor used, (e) indirect labor used, (f) other actual overhead costs, and (g) overhead applied.

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 $ 180,000 455,000 590,000 1, 296, 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 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) $ 560,000 202,000 $ 274,000 138,000 144,000 $ 1,350,000 475,000 1,725,000 90% 155% Ending Inventory $ 225,000 335,000 990,000 1,226,000 $ 5,400,000 repare journal entries dated June 30 to record: (a) raw materials purchases, (b) direct materials used, (c) indirect materials used, (d) ect labor used, (e) indirect labor used, (f) other actual overhead costs, and (g) overhead applied.

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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Morrison Company had the equivalent units schedule and cost information for its Sewing Department for the month of December, as shown on the next page. Required: 1. Calculate the unit cost for December, using the weighted average method. 2. Calculate the cost of goods transferred out, calculate the cost of EWIP, and reconcile the costs assigned with the costs to account for. 3. What if you were asked to show that the weighted average unit cost for materials is the blend of the November unit materials cost and the December unit materials cost? The November unit materials cost is 6.60 (66,000/10,000), and the December unit materials cost is 12.22 (550,000/45,000). The equivalent units in BWIP are 10,000, and the FIFO equivalent units are 45,000. Calculate the weighted average unit materials cost using weights defined as the proportion of total units completed from each source (BWIP output and current output).
Dama Company produces womens blouses and uses the FIFO method to account for its manufacturing costs. The product Dama makes passes through two processes: Cutting and Sewing. During April, Damas controller prepared the following equivalent units schedule for the Cutting Department: Costs in beginning work in process were direct materials, 20,000; conversion costs, 80,000. Manufacturing costs incurred during April were direct materials, 240,000; conversion costs, 320,000. Required: 1. Prepare a physical flow schedule for April. 2. Compute the cost per equivalent unit for April. 3. Determine the cost of ending work in process and the cost of goods transferred out. 4. Prepare the journal entry that transfers the costs from Cutting to Sewing.
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