Business, 22.02.2021 19:30 naynay1997
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:
Finished Goods $8,300
Work in Process-Spinning Department 2,000
Work in Process-Tufting Department 2,600
Materials 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 Materials purchased on account, $82,000
2 Materials requisitioned for use:
Fiber-Spinning Department, $42,600
Carpet backing-Tufting Department, $34,700
Indirect materials-Spinning Department, $3,300
Indirect materials-Tufting Department, $2,900
31 Labor used:
Direct labor-Spinning Department, $26,300
Direct labor-Tufting Department, $17,200
Indirect labor-Spinning Department, $12,500
Indirect labor-Tufting Department, $11,900
31 Depreciation charged on fixed assets:
Spinning Department, $5,300
Tufting Department, $3,100
31 Expired prepaid factory insurance:
Spinning Department, $1,000
Tufting Department, $800
31 Applied factory overhead:
Spinning Department, $22,400
Tufting Department, $18,250
31 Production costs transferred from Spinning Department to Tufting Department, $90,000
31 Production costs transferred from Tufting Department to Finished Goods, $153,200
31 Cost of goods sold during the period, $158,000
Required:
a. Journalize the entries to record the operations, using the dates provided with the summary of manufacturing operations.
b. Compute the January 31 balances of the inventory accounts.
c. Compute the January 31 balances of the factory overhead accounts.
Answers: 1
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Port Ormond Carpet Company manufactures carpets. Fiber is placed in process in the Spinning Departme...
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