Instructions FloorMate Carpet Company manufactures carpets. Fiber is placed in process in the Spinning Department, where it is spun into yam. 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 October 1, FloorMate Carpet Company had the following inventories Finished Goods $5,000 Work in Process-Spinning Department 1.500 Work in Process-Tutting Department Materials 2,300 4,800 Departmental accounts are maintained for factory overhead, and both have zero balances on October 1. Manufacturing operations for October are summarized as follows: Oct 1 Materials purchased on account. $84,900 2 Materials requisitioned for use Check the Work 31 Fiber-Spinning Department, 543.600 Carpet backing-Tufting Department, $34,100 Indirect materials Spinning Department. $3,200 Indirect materials-Tufting Department, $2,900 Labor used Direct labor-Spinning Department, $26,300 Direct labor-Tuning Department, $17.900 Indirect labor-Spinning Department, $12,100 Indirect labor-Tufting Department, $11,700 31 Depreciation charged on fixed assets Spinning Department, $5,300 31 Tulting Department, $3,400 Expired prepaid factory insurance Journal 1. Joum Chart of All tram My Wor Instructions 31 Tie-Spining Department 45,000 Carpet backing-Tufting Department, $34,100 Indirect materials-Spinning Department, $3,200 Indirect materials-Tufting Department, $2,900 Labor used: Direct labor-Spinning Department, $20,300 Direct labor-Tufting Department, $17,000 Indirect labor-Spinning Department, $12,100 Indirect labor-Tufting Department, $11,700 31 Depreciation charged on fixed assets 31 Spinning Department, $5,300 Tufting Department, $3,400 Expired prepaid factory insurance Spinning Department, $1.200 Tufting Department, $1,000 31 Applied factory overhead Spinning Department, $22,000 Tufting Department. $18,700 31 Production costs transferred from Spinning Department to Tufting Department, 588,000 31 31 Production costs transferred from Tufting Department to Finished Goods, $150,000 Cost of goods sold during the penod. $160,500 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 October 31 balances of the inventory accounts 3. Compute the October 31 balances of the factory overhead accounts DATE DESCRIPTION POST REF Oct. 1 Accounts Payable 3 DEBIT 84,900.00 CREDIT 84,900.00 Journal Braced cells have feedback 13 14 15 16 17 18 19 20 21 22 23 2 Feedback 2.82/05 Check My Work 1. Remember that there are three different types of inventory materials work in process, and finished goods. Each department has a work in process account to track the costs that were accumulated in that department CHART OF ACCOUNTS FloorMate Carpet Company General Ledger ASSETS 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 151 Factory Overhead-Spinning Department 152 Factory Overhead-Tufting Department 161 Finished Goods 171 Supplies 172 Prepaid Insurance 173 Prepaid Expenses 181 Land 101 Factory 192 Accumulated Depreciation-Factory REVENUE 410 Sales 610 Interest Revenue EXPENSES 510 Cost of Goods Sold 520 Wages Expense 531 Selling Expenses 532 Insurance Expense 533 Utilities Expense 534 Supplies Expense 540 Administrative Expenses 581 Depreciation Expense-Factory 500 Miscellaneous Expense 710 Interest Expense LIABILITIES 210 Accounts Payable 221 Utilities Payable 231 Notes Payable 13 Chart of Accounts 131 Materials 141 Work in Process-Spinning Department 142 Work in Process-Tufting Department 151-Factory Overhead-Spinning Department 152 Factory Overhead-Tufting Department 101 Finished Goods 171 Supplies 172 Prepaid Insurance 173 Prepaid Expenses 181 Land 191 Factory 192 Accumulated Depreciation-Factory 510 Cost of Goods Sold 520 Wages Expense 531 Selling Expenses 532 Insurance Expense 533 Utilities Expense 534 Supplies Expense 540 Administrative Expenses 561 Depreciation Expense-Factory 590 Miscellaneous Expense 710 Interest Expense LIABILITIES 210 Accounts Payable 221 Ubilities Payable 231 Notes Payable 230 Interest Payable 251 Wages Payable EQUITY 311 Common Stock 340 Retained Earnings 351 Dividends 300 Income Summary