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Please help with the last few boxes in the Final Questions that i need, THANK YOU SO MUCH!!!! The journal is finished, by the way.
Please help with the last few boxes in the "Final Questions" that i need, THANK YOU SO MUCH!!!! The journal is finished, by the way.
Buena Montana 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 cornpleted. On January 1, Buena Montana Carpet Company had the following inventories: Finished Goods Work in Process-Spinning Department Work in Process-Tufting Department Materials $50,800 28,700 23,400 13,900 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, $410,000 2 Materials requisitioned for use: Fiber-Spinning Department, \$225,500 Carpet backing - Tufting Department, $90,200 Indirect materials - Spinning Department, $37,700 Indirect materials - Tufting Department, $29,800 31 Labor used: Direct labor-Spinning Department, $151,700 Indirect materials - Tufting Department, $29,800 31 Labor used: Direct labor-Spinning Department, $151,700 Direct labor - Tufting Department, $80,300 Indirect labor - Spinning Department, $14,900 Indirect labor - Tufting Department, \$7,500 31 Depreciation charged on fixed assets: Spinning Department, $10,200 Tufting Department, $7,000 31 Expired prepaid factory insurance: Spinning Department, $1,600 Tufting Department, $820 31. Applied factory overhead: Spinning Department, $64,600 Tufting Department, $45,100 31 Production costs transterred from Spinning Department to Tutting Department, $448,500 31. Production costs transferred from Tufting Department to Finished Goods, $661,900 31 Cost of goods sold during the period, $639,100 Final Questions 2. Compute the January 31 balances of the inventory accounts. Enter all amounts as positive numbers. Materials Work in Process: - Spinning Department - Tufting Department Finished Goods Debit Debit Debit Debit Points: 5/8 Feedback Check My Work 2. Set up T accounts to help determine the balances from the transactions above. 3. Compute the January 31 balances of the factory overhead accounts. Enter all amounts as positive numbers. Factory Overhead: - Spinning Department - Tufting Department Credit Debit Step by Step Solution
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