Entries for process cost system Chart of Accounts Joumal Final Questions Instructions Port Ormond Carpet Company manufactures carpets. Fiber is placed in process in the Spinning Department, where iti spun into yarn. The output of the Spinning Department is transferred to the Tuting Department, where carpet backing is added at the beginning of the process and the process is completed on January 1, Port Ormond Carpet Company had the following inventories Finished Goods Work in Process Spinning Department Work in Process-Tutting Department $7,200 1,000 2,400 4,300 Materials Departmental accounts are maintained for factory overhead, and both have zero balances on January 1. Manufacturing operations for January are sammanized as follows: Instructions Jan 1 Materials purchased on account, $80,000 2. 31 Materials requisitioned for use: Fiber-Spinning Department, $42,000 Carpet backing-Tufting Department, $34,600 Indirect materials-Spinning Department, $3,000 Indirect materials-Tufting Department, $2,900 Labor used Direct labor-Spinning Department, $26,900 Direct labor-Tufting Department, $17,800 Indirect labor-Spinning Department, $11,700 Indirect labor-Tutting Department, $11,800 Depreciation charged on fixed assets 31 Instructions 31 Depreciation charged on fixed assets: Spinning Department, $5,300 Tufting Department, $3,500 31 31 Expired prepaid factory insurance Spinning Department, $1,300 Tutting Department, $1,000 Applied factory overhead: Spinning Department, $21,500 Tulting Department, $18,850 Production costs transferred from Spinning Department to Tutting Department, $85,000 Production costs transferred from Tutting Department to Finished Goods, $152,600 Cost of goods sold during the period, $155,300 31 31 31 En U POS.CO Trem Chart of Accounts Joumal Final Questions Instruction 31 Production costs transferred from Tulting Department to Finished Goods, 152.000 Cost of goods sold during the period, $155,300 31 Required: 1. Joxumalize the entries to record the operations, using the dates provided with the summary of manufacturing operations. Refer to the chart of accounts for the exact wording of the accountades. CNOWjournals do not use lines for spaces or journal explanations. Every line on a journal page is used for debitor credirenales. Do not add explanations or skip a line between journal entries. CNOWjoumats will automatically indent a credit entry when a credit amount is entered. 2. Compute the January 31 balances of the inventory accounts. 3. Computer the January 31 balances of the factory overhead accounts. Enter your amounts in positive value. Final Questions 2. Compute the January 31 balances of the inventory accounts. Enter your amounts in positive value. Materials $ Work in Process $ Spinning Department Tutting Department Finished Goods $ $ KI 3. Compute the January 31 balances of the factory overhead accounts. Enter your amounts in positive value. Factory Overhead Spinning Department $ v Final Questions Materials Work in Process S Spinning Department Tufting Department Finished Goods $ $ 3. Compute the January 31 balances of the factory overhead accounts. Enter your amounts in positive value. Factory Overhead: $ Spinning Department Tufting Department . $ Journal 1. Journalize the entries to record the operations, using the danes provided with the summary of manufacturing operations. Refer to the chart of accounts for the exact wording of the account wittes CNOW joumals do not use lines for prices or journal explanations. Ewry line on a journal page is used for det or credit entries. Do not add explanations or skipa Ane bewer journal enmies CNOWoumats will automatically indent a credit entry when a credit amount is entired. PAGE 10 JOURNAL ACCOUNTING EQUATION DATE DESCRIPTION POST. REF. DEBIT CREDIT ASSETS LABILITIES EQUITY 1 1
