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 $8.300 2.000 Finished Goods Work in Process-Spinning Department Work in Process-Tulting Department Materials 2.600 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 1 2 Materiale purchased on account $82,000 Materials requisitioned for use Fiber-Spinning Department, $42,600 Carpet backing Tulting Department, $34,700 Indirect materials-Spinning Department, $3,300 Indirect materials-Tutting Department, $2,900 Labor used: Direct labor-Spinning Department, $26,300 Direct labor-Tufting Department, $17,200 Indirect labor-Spinning Department $12,500 31 eBook Show Me How Calculator Instructions 31 Labor used: 31 31 Direct labor-Spinning Department, $26,300 Direct labor-Tufting Department, $17,200 Indirect labor-Spinning Department, $12,500 Indirect labor-Tufting Department, $11,900 Depreciation charged on fixed assets: Spinning Department, $5,300 Tufting Department, $3,100 Expired prepaid factory insurance: Spinning Department, $1,000 Tufting Department, $800 Applied factory overhead: Spinning Department, $22,400 Tufting Department, $18,250 Production costs transferred from Spinning Department to Tuting Department, 800,000 Production costs transferred from Tufting Department to Finished Goods, $153,200 Cost of goods sold during the period, $158,000 31 31 31 31 Required: 1. Journalize the entrios to record the operations, using the dates provided with the surmary of manufacturing operations. Refer to the chart or accounts for the exact wording of the account titles. CNOWjoumais do not use lines for spaces or journal explanations. Every line on a journal Required: 1. Joumalize 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 journal explanations. Every line on a journal page is used for debitor credit entries. Do not add explanations or skip a Nne between journal entries. CNOW journals will automatically indert 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 Instructions Journal tra ha 1. Joumalize 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 tiles. CNOW journals do not use lines for spaces or jouma/ explanations. Every ine on a joumal page is used for debit or credit ontnes. Do not add explanations or skip a line 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. REY DERIT CREDIT ASSETS LIABILITIES EQUITY De 1 3 Carpet backing Tufting Department. $34,700 Final Questions tra ha 1 accounts for the e 5. Do not add expla ac 2. Compute the January 31 balances of the inventory accounts. Enter your amounts in positive value be Materials $ Work in Process Spinning Department . Tufting Department Finished Goods $ s $ COUNTING EQUAT De LIABILITIES 3. Compute the January 31 balances of the factory overhead accounts. Enter your amounts in positive value. Factory Overhead Varpur TUY OTW, WU, Indirect materials-Spinning Department. $3.300
