Entries for process cost system Instructions Chart of Accounts Journal Final Questions 0 Instructions Port Ormond Carpet Company manufacturos 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: $8,200 Finished Goods Work in Process-Spinning Department Work in Process-Tufting Department Materials 1,800 2,900 4,800 Departmental accounts are maintained for factory overhead, and both have zero balances on January 1. Manufacturing operations for January are summarized as follows: Jan 2 Materials purchased on account, $82,700 Materials requisitioned for use: Fiber-Spinning Department, $43,800 Carpet backing.Tufting Department, $34,000 Indirect materials-Spinning Department, $3,200 Indirect materials-Tufting Department, $2,800 Labor used: Direct labor-Spinning Department, $27.000 Instructions Chart of Accounts Journal Final Questions Instructions 31 31 Indirect materials-Tufting Department, $2,800 Labor used: Direct labor-Spinning Department, $27,000 Direct labor-Tufting Department. $17,400 Indirect labor-Spinning Department, $11,600 Indirect labor-Tufting Department, $11,700 Depreciation charged on foxed assets: Spinning Department, $5,200 Tufting Department, $3,100 Expired prepaid factory insurance: Spinning Department, $1,500 Tufting Department, $1,000 Applied factory overhead Spinning Department, $21,850 Tutting Department, $18,350 Production costs transired from Spinning Department to Tufting Department, $88,000 Production costs transferred from Tuting Department to Finished Goods, 5152,800 Cost of goods sold during the period. $157,900 31 31 31 31 31 Required: Instructions Chart of Accounts Journal Final Questions Instructions 31 31 Tufting Department, $3,100 Expired prepaid factory insurance: Spinning Department, $1,500 Tulting Department, $1,000 Applied factory overhead: Spinning Department, $21,850 Tufting Department, $18,350 Production costs transferred from Spinning Department to Tufting Department, $86,000 Production costs transferred from Tufting Department to Finished Goods, $152,800 Cost of goods sold during the period, $157,900 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 the exact wording of the account titles. CNOW Journals do not use lines for spaces or joumal explanations. Every line on a joumal page is used for debit or credit entries. Do not add explanations or skip a line between journal entries. CNOW joumals will automatically indent a credit entry when a credit amount is entered 2. Compute the January 31 balances of the inventory accounts.. 3. Compute the January 31 balances of the factory overhead accounts." "Enter your amounts in positive value system Instructions Chart of Accounts Journal Final Questions Journal 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 the exact wording of the account sites. CNOW joumals do not use lines for spaces or journal explanations. Every ine on a journal page is used for debitor credit entries. Do not add explanations or skip a dno between journal entries. CNOW journals will automatically indent a credit entry when a credit amount is entered. PAGE 10 JOURNAL ACCOUNTING EQUATION DATE DESCRIPTION POST. REF DEBIT CREDIT 1 ASSETS LIABILITIES EQUITY 2 5 4 Final Questions 2. Compute the January 31 balances of the inventory accounts. Enter your amounts in positive value. Materials Work in Process: 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
