Entries for process cost system Instructions Chart of Accounts Journal Final Questions Instructions Port Ormond Carpet Company manufactures carpets. Fiber is placed in process in the Spinning Department, where it is spun into yarn. The output of the Spinning Department is transferred to the Tutting 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: $62,000 Finished Goods Work in Process-Spinning Department Work in Process-Tuting Department Materials 35,000 28,500 17,000 Departmental accounts are maintained for factory overhead, and both have zero balances on January 1. Manufacturing operations for January are summarized as follows structions 1 Materials purchased on account, $500,000 2 Materials requisitioned for use: Jan. Fiber-Spinning Department, $275,000 Carpet backing-Tufting Department, $110,000 Indirect materials-Spinning Department, $46,000 Indirect materials-Tufting Department, $39,500 31 Labor used Direct labor-Spinning Department, $185,000 Direct labor-Tufting Department, $98,000 Indirect labor-Spinning Department, $18,500 Indirect labor-Tufting Department, $9,000 Depreciation charged on fixed assets: 31 ries for process cost system Instructions Chart of Accounts JournalFinal Questions structions 31 uepreciation chargea on nxed assets: Spinning Department, $12,500 Tufting Department, $8,500 Expired prepaid factory insurance: Spinning Department, $2,000 Tufting Department, $1,000 Applied factory overhead: Spinning Department, $80,000 Tufting Department, $55,000 Production costs transferred from Spinning Department to Tufting Department, $547,000 Production costs transferred from Tufting Department to Finished Goods, $807,200 Cost of goods sold during the period, $795,200 31 31 31 31 31 Required: 1. Journalize the entries to record the operations, using the dates provided with the summary of manufacturing operations. Refer to the Chart of Accounts for exact wording of account titles 2. Compute the January 31 balances of the inventory accounts 3. Compute the January 31 balances of the factory overhead accounts CHART OF ACCOUNTS Port Ormond Carpet Company General Ledger ASSETS REVENUE 410 Sales 110 Cash 121 Accounts Receivable 125 Notes Receivable 126 Interest Receivable 131 Materials 141 Work in Process-Spinning Department 142 Work in Process-Tufting Department 610 Interest Revenue EXPENSES 510 Cost of Goods Sold 520 Wages Expense 531 Selling Expense Chart of Accounts 151 Factory Overhead-Spinning Department 152 Factory Overhead-Tufting Department 161 Finished Goods 171 Supplies 172 Prepaid Insurance 173 Prepaid Expenses 181 Land 532 Insurance Expense 533 Utilities Expense 534 Supplies Expense 540 Administrative Expense 561 Depreciation Expense-Factory 590 Miscellaneous Expense 710 Interest Expense 191 Factory 192 Accumulated Depreciation-Factory Chart of Accounts LIABILITIES 210 Accounts Payable 221 Utilities Payable 231 Notes Payable 236 Interest Payable 251 Wages Payable EQUITY 311 Common Stock 340 Retained Earnings 351 Dividends Final Questions 2. Compute the January 31 balances of the inventory accounts. Materials Work in Process: Spinning Department Tufting Department S Finished Goods 3. Compute the January 31 balances of the factory overhead accounts. Factory Overhead: Spinning Department s Tufting Department S Entries for proce t systemm Instructions Chart of Accounts JournalFinal Questions Journal 1. Journalize the entries to record the operations, using the dates providkd with the summary of manufacturing operations. Refer to the Chart of Accounts for exad of account titles. ACCOUNTING EQUAT JOURNAL POST. REF s Chart of Accounts Journal Final Questions orecord the operations, using the dates provided with the summary of manufacturing operations. Refer to the Chart of Accounts for exact wording PAGE 10 JOURNA ACCOUNTING EQUATION POST. REF