Instructions Port Ormond Carpet Company manufactures carpets. Fibor 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 January 1, Port Ormond Carpet Company had the following inventorios: Finished Goods $6,500 1.200 Work in Process-Spinning Department Work in Process Tuting Department Materials 2,300 4,100 Departmental accounts aro maintained for factory overhead, and both have zoro balances on January 1 Manufacturing operations for January are summarized as follows: Jan 1 Materials purchased on account, 504.700 2 Materials requisitioned for use: Fiber Spinning Department, $42.000 Carpet backing Tufting Department, 534,000 Indirect materials-Spinning Department, $3.400 Indirect materials-Tutting Department. $2,700 31 Labor used: Direct labor-Spinning Department, S26,600 Dincabar Tuttina Danartment $12.00 Instructions 31 Labor used: 31 31 Direct labor-Spinning Department, $26,600 Direct labor-Tutting Department, $17,600 Indirect labor-Spinning Department, $11.900 Indirect labor-Tufting Department, $11,800 Depreciation charged on fixed assets: Spinning Department, $5,400 Tufting Department, $4,000 Expired prepaid factory Insurance: Spinning Department, $1,100 Tufting Department, $800 Applied factory overhead: Spinning Department, $22,200 Tufting Department, $18,950 Production costs transferred from Spinning Department to Tufting Department, $89,500 Production costs transferred from Tufting Department to Finished Goods, S151,400 Cost of goods sold during the period, S154 200 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 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 line between journal entries. CNOW journals 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. Joumal 1. Jumaltre the entries to record the operations, using the dates provided with the summary of manufacturing operations. Moler to the chart of accounts for the exact wording of the account titles. CNOW Journals do not use is for sponsor journal explanations. Ewwyine on a journal page is used for debitor dentries. Do not add explanations or skip a line between Journal entries. CNow Journals ww automatically incent a credit ordry when a crecht amount is entered PAGE 10 JOURNAL ACCOUNTING EQUATION DATE DESCRIPTION POSTRO DET CREDIT ASSETS LUBILITIES EQUITY 1 1 10 Joumal 11 11 14 17 13 28 11 14 TE 12 HT Final Questions 1 14 15 2. Compute the January 31 balances of the inventory accounts. Enter your amounts in positive value. 16 Materials 17 Work in Process: 18 Spinning Department Tufting Department 19 Finished Goods 20 211 22 3. Compute the January 31 balances of the factory overhead accounts. Enter your amounts in positive value. 23 24 Factory Overhead: Spinning Department Tufting Department 25 26 urnal Chart of Accounts CHART OF ACCOUNTS Port Ormond Carpet Company 16 General Ledger 17 18 ASSETS REVENUE 110 Cash 19 410 Sales 121 Accounts Receivable 20 610 Interest Revenue 125 Notes Receivable 21 126 Interest Receivable EXPENSES 22 131 Materials 510 Cost of Goods Sold 23 520 Wages Expense 24 531 Selling Expenses 25 141 Work in Process-Spinning Department 142 Work in Process-Tufting Department 151 Factory Overhead-Spinning Department 152 Factory Overhead-Tufting Department 161 Finished Goods 532 Insurance Expense 26 533 Utilities Expense 534 Supplies Expense 27 28 540 Administrative Expenses 171 Supplies 172 Prepaid Insurance 173 Prepaid Expenses 561 Depreciation Expense Factory 590 Miscellaneous Expense 710 Interest Expense 181 Land Chart of Accounts 173 Prepaid Expenses 590 Miscellaneous Expense 710 Interest Expense 181 Land 191 Factory 192 Accumulated Depreciation Factory LIABILITIES 21 210 Accounts Payable 221 Utilities Payable 231 Notes Payable 236 Interest Payable 251 Wages Payable 23 24 EQUITY 25 26 27 311 Common Stock 340 Retained Earnings 351 Dividends 390 Income Summary Instructions Port Ormond Carpet Company manufactures carpets. Fibor 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 January 1, Port Ormond Carpet Company had the following inventorios: Finished Goods $6,500 1.200 Work in Process-Spinning Department Work in Process Tuting Department Materials 2,300 4,100 Departmental accounts aro maintained for factory overhead, and both have zoro balances on January 1 Manufacturing operations for January are summarized as follows: Jan 1 Materials purchased on account, 504.700 2 Materials requisitioned for use: Fiber Spinning Department, $42.000 Carpet backing Tufting Department, 534,000 Indirect materials-Spinning Department, $3.400 Indirect materials-Tutting Department. $2,700 31 Labor used: Direct labor-Spinning Department, S26,600 Dincabar Tuttina Danartment $12.00 Instructions 31 Labor used: 31 31 Direct labor-Spinning Department, $26,600 Direct labor-Tutting Department, $17,600 Indirect labor-Spinning Department, $11.900 Indirect labor-Tufting Department, $11,800 Depreciation charged on fixed assets: Spinning Department, $5,400 Tufting Department, $4,000 Expired prepaid factory Insurance: Spinning Department, $1,100 Tufting Department, $800 Applied factory overhead: Spinning Department, $22,200 Tufting Department, $18,950 Production costs transferred from Spinning Department to Tufting Department, $89,500 Production costs transferred from Tufting Department to Finished Goods, S151,400 Cost of goods sold during the period, S154 200 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 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 line between journal entries. CNOW journals 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. Joumal 1. Jumaltre the entries to record the operations, using the dates provided with the summary of manufacturing operations. Moler to the chart of accounts for the exact wording of the account titles. CNOW Journals do not use is for sponsor journal explanations. Ewwyine on a journal page is used for debitor dentries. Do not add explanations or skip a line between Journal entries. CNow Journals ww automatically incent a credit ordry when a crecht amount is entered PAGE 10 JOURNAL ACCOUNTING EQUATION DATE DESCRIPTION POSTRO DET CREDIT ASSETS LUBILITIES EQUITY 1 1 10 Joumal 11 11 14 17 13 28 11 14 TE 12 HT Final Questions 1 14 15 2. Compute the January 31 balances of the inventory accounts. Enter your amounts in positive value. 16 Materials 17 Work in Process: 18 Spinning Department Tufting Department 19 Finished Goods 20 211 22 3. Compute the January 31 balances of the factory overhead accounts. Enter your amounts in positive value. 23 24 Factory Overhead: Spinning Department Tufting Department 25 26 urnal Chart of Accounts CHART OF ACCOUNTS Port Ormond Carpet Company 16 General Ledger 17 18 ASSETS REVENUE 110 Cash 19 410 Sales 121 Accounts Receivable 20 610 Interest Revenue 125 Notes Receivable 21 126 Interest Receivable EXPENSES 22 131 Materials 510 Cost of Goods Sold 23 520 Wages Expense 24 531 Selling Expenses 25 141 Work in Process-Spinning Department 142 Work in Process-Tufting Department 151 Factory Overhead-Spinning Department 152 Factory Overhead-Tufting Department 161 Finished Goods 532 Insurance Expense 26 533 Utilities Expense 534 Supplies Expense 27 28 540 Administrative Expenses 171 Supplies 172 Prepaid Insurance 173 Prepaid Expenses 561 Depreciation Expense Factory 590 Miscellaneous Expense 710 Interest Expense 181 Land Chart of Accounts 173 Prepaid Expenses 590 Miscellaneous Expense 710 Interest Expense 181 Land 191 Factory 192 Accumulated Depreciation Factory LIABILITIES 21 210 Accounts Payable 221 Utilities Payable 231 Notes Payable 236 Interest Payable 251 Wages Payable 23 24 EQUITY 25 26 27 311 Common Stock 340 Retained Earnings 351 Dividends 390 Income Summary