Pro-Weave manufactures stadium blankets by passing the products through a weaving department and a sewing department....

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Accounting

Pro-Weave manufactures stadium blankets by passing the productsthrough a weaving department and a sewing department. The followinginformation is available regarding its June inventories: BeginningInventory Ending Inventory Raw materials inventory $ 138,000 $277,000 Work in process inventory—Weaving 335,000 350,000 Work inprocess inventory—Sewing 630,000 800,000 Finished goods inventory1,306,000 1,316,000 The following additional information describesthe company’s manufacturing activities for June: Raw materialspurchases (on credit) $ 700,000 Factory wages cost (paid in cash)3,440,000 Other factory overhead cost (Other Accounts credited)162,000 Materials used Direct—Weaving $ 274,000 Direct—Sewing117,000 Indirect 172,000 Labor used Direct—Weaving $ 1,400,000Direct—Sewing 485,000 Indirect 1,500,000 Overhead rates as apercent of direct labor Weaving 90 % Sewing 150 % Sales (on credit)$ 4,050,000 1. Compute the (a) cost of products transferred fromweaving to sewing, (b) cost of products transferred from sewing tofinished goods, and (c) cost of goods sold. 2. Prepare journalentries dated June 30 to record (a) goods transferred from weavingto sewing, (b) goods transferred from sewing to finished goods, and(c) sale of finished goods.

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Answer 1a cost of products    See Answer
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