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 Tufting 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 $62,000 35,000 Work in Process-Spinning Department Work in Process-Tufting Department 28,500 Materials 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: Jan. 1 Materials purchased on account, $500,000 2 Materials requisitioned for use: Fiber-Spinning Department, $275,000 Carpet backing - Tufting Department, $110,000 Indicontatoriale Coisas. Dacatosant 12 000 Entries for process cost system Instructions Chart of Accounts Journal Final Questions - Instructions Jan. 1 Materials purchased on account, $500,000 2 Materials requisitioned for use: 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 31 Indirect labor-Tufting Department, $9,000 Depreciation charged on fixed assets: Spinning Department, $12,500 Tufting Department, $8,500 31 Expired prepaid factory insurance: Spinning Department, $2,000 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 Tufting 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 $62,000 35,000 Work in Process-Spinning Department Work in Process-Tufting Department 28,500 Materials 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: Jan. 1 Materials purchased on account, $500,000 2 Materials requisitioned for use: Fiber-Spinning Department, $275,000 Carpet backing - Tufting Department, $110,000 Indicontatoriale Coisas. Dacatosant 12 000 Entries for process cost system Instructions Chart of Accounts Journal Final Questions - Instructions Jan. 1 Materials purchased on account, $500,000 2 Materials requisitioned for use: 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 31 Indirect labor-Tufting Department, $9,000 Depreciation charged on fixed assets: Spinning Department, $12,500 Tufting Department, $8,500 31 Expired prepaid factory insurance: Spinning Department, $2,000
