Use the following information for the Exercises below. The following information

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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 Je inventories: Ending Beginning Inventory Inventory Raw materials inventory Work in process inventory-Weaving Work in process inventory-Sewing Finished goods inventory $ 120,000 $ 185,000 300,000 330,000 700,000 1,266,000 1,286,008 570,000 The following additional information describes the company's manufacturing activities for June

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Computation of cost of products transferred and Cost of Goods Sold

PARTICUERS WEAVING DEPT. SEWING DEPT. FINISHED GOODS Beginning Inventory $300,000 $570,000 $1,266,000 Direct Material $240,000 $75,000 Direct Labour $1,200,000 $360,000 Overhead on direct labour $960,000 (120,000 x 80%) $540,000 (360,000 X 150%) Net Cost $2,700,000 $1,545,000 Less :- Ending Inventory of weaving $330,000 Transferred to sewing $2,370,000 $2,370,000 Total Cost of Sewing $3,915,000 Less :- Ending Inventory of Sewing $700,000 Transferred to finished goods $3,215,000 $3,215,000 Less : - Finished goods ath the End $1,206,000 Cost of Goods Sold $3,275,000

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