Entries for process cest system Final Ouestions Chart of Accounts Journal nstrvctions Instructions a

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Entries for process cest system Final Ouestions Chart of Accounts Journal nstrvctions Instructions adted at the beginning of the Fber n plced in process in the Sonnng Depatment whretspun no yam The output et the Speng Departmentranstemed to the Tuting Department whee capet backng Part Omand Caget Campany anutactures care precess and the process is completed Oe January 1, Port Omond Carpet Company had the tolowing inventores Fie Goods 562 000 Wok in Pracess Sping Department 35 000 Wek in Pracess ung Departent 28500 Matea 17 000 Deparmenta accounts ae mantained tor actory avehead and beth hve w balances on Janary 1 Manactng opeaon tor January are summanged a tow Mate parchaed on cc a Jan Mabe etoned tor ree g De nt2500 Cape backng Ttng Date indrect ae eng tnt .000 ndred aea utng Dpartent 00 Lew e Dret bor Speng Deparment $185 300 Drect o utng Depamet s000 indrt aboo g Dpant 500 indect abor Tutng Department 9.000 Deprection chaget on ed Spning Depatment $12 500 Tuna Department s8 s00 Expese prepd tactory rourance 31 Sping Depatt $2 00 Entries for process cost system Instructions Chart of Accounts Journal Final Questions Instructions Indirect materials-Tufting Department, $39,500 31 Labor used Direct labor-Spinning Department, $185,000 Direct labor-Tufting Department, $98.000 Indirect labor-Spinning Department, $18,500 Indirect labor-Tuting Department, $9.000 Depreciation charged on foxed assets: Spinning Department, $12,500 Tuting Department, $8.500 Expired prepaid factory insurance 31 Spinning Department, $2,000 Tufting Department, $1,000 31 Applied factory overhead Spinning Department, $80,000 Tufting Department, $55,000 Production costs transferred from Spinning Department to Tufting Department, s547,000 31 31 Production costs transferred from Tufting Department to Finished Goods, $807.200 31 Cost of goods sold during the period, $795.200 Required: 1. Journalize the entries to record the operations, using the dates provided with the summary of manufacturng operations Refer to the Chart of Accounts for exact wording of account titles Compute the January 31 balances of the inventory accounts 2. 3. Compute the January 31 balances of the factory overhead accounts” “Enter your amounts in postive value 31 Entries for process cost system Final Questions Chart of Accounts Journal Instructions Instructions Chart of Accounts CHART OF ACCOUNTS Port Ormond Carpet Company General Ledger ASSETS REVENUE ) 110 Cash 410 Sales 610 Interest Revenue 121 Accounts Receivable 125 Notes Receivable 126 Interest Receivable EXPENSES 510 Cost of Goods Sold 131 Materials 520 Wages Expense 141 Work in Process-Spinning 531 Selling Expenses 142 Work in Process-Tufting 532 Insurance Expense 151 Factory Overhead-Spinning 533 Utilities Expense 152 Factory Overhead-Tufting 534 Supplies Expense 161 Finished Goods 540 Administrative Expenses 171 Supplies 561 Depreciation Expense-Factory 172 Prepaid Insurance 590 Miscellaneous Expense 173 Prepaid Expenses hart of 710 Interest Expense 181 Land 191 Factory 192 Accumulated Depreciation-Factory LIABILITIES Entries for process cost system Chart of Accounts Final Questions Journal Instructions Instructions Chart of Accounts 531 Seling Expenses 142 Work in Process-Tufting 532 Insurance Expense 151 Factory Overhead-Spinning 533 Utlities Expense 152 Factory Overhead-Tufting 534 Supplies Expense 161 Finished Goods 540 Administrative Expenses 171 Supplies 561 Depreciation Expense-Factory 172 Prepaid Insurance 590 Miscellaneous Expense 173 Prepaid Expenses nterest Expense 181 Land 191 Factory 192 Accumulated Depreciation-Factory LIABILITIES 210 Accounts Payable 221 Utlities Payable 231 Notes Payable vable 236 Interest 251 Wages Payable EQUITY 311 Common Stock hart of 340 Retained Earnings 351 Dividends 390 Income Summary Journal Final Questions instructions Chart of Accounts Instructions Chart of Accounts Journal 1 Jounalre the entries to record e aperatone, using the dates provided wth the summary of manufacturing aperations Refer to the Chart of Accounts for exact wording of account tes PAGE 1 JOURNAL DESCRPTION CRECHT DATE POST RE DEBIT 4 Final Questions 1 f Acc 2. Compute the January 31 balances of the inventory accounts. Enter your amOunts in positive value. Materials $ Work in Process Spinning Department Tufting Department 1 Finished Goods S 2 3 Compute the January 31 balances of the factory overhead accounts. Enter your amounts in positive value. Factory Overhead 6 Spinning Department Tufting Department S 7 18 11 13 14 B Stow Me Howe Calouator Entries for process cost system Chart of Accounts Instrustions Journal Finat Questions nstcons Port Omond Carpet Company manutactures carpes Fiber n placed in process in the Spinning Depatment where t is spun into yam The output of the Spinning Department is ransfened to the Tuting Department, where carpet backing is added at the begnning of the process and the process is compled On January 1, Port Omond Carpet Company had the tollowing inventonies Freted Geod s62 000 Work in Process Spinning Department 35,000 Work in Process Tutng Deparment 28 500 Maleral 17.000 Departmental accounts are mantaned for tactory ovehead, and beth have zero balances on January 1. Mandachuring operations for January are summaried as follows Materials purchaned on account $500,000 Jand 2 Materials regtoned for une rbe ning Depamet $275 000 Carpet hacing Tuting Depatment, $10 000 ndrect materas Snning Department, 546,000 Indrect materals Tuting Department 39 500 31 Labor unedi Direct labor-pnng Departent $185 000 Direct labor Tuing Depament 00 Indrect aber Spining Department $18.500 Indirect abor-Tuting Department s9000 Depreciation charged on Sed assets 31 Spiing Department $12 500 Tuting Depatment s8500 Expred prepaid tactory inuance Ponning Decartnent $2000 Estries for process.cost.system Final Ouestons Chart of Accounts Journal ruesons Instructions spun into yam The output of the Spning Department o ansemed to the Tating Department whee carpet backing n added at the begnning of the Pat Ormand Carpet Cempany manutactres carpets Fber placed in pracess in the Spening Department where t process and the process is completed On January 1,Part Ond Capet Conpany had the lollewing inventones Finhed Oood 62000 wok in Precess Speng Depatment 35000 Work in Process Tuting Department 2,500 Materials 17.000 bnces on January 1 Manutadung operatonn for January ae summarued as ow Departmentad acceurts are mantaned for tactory ouerhead, and both have z Materals purchhased on accout 5500 000 Jan Metenas requsoned tor use 2 Fber Sping Department $2n 000 s110 000 Carpet bacing Tuting Departmen indrect mae Spng Depatent $00 indrect materals-Tuting Department $3s 500 35 Lueer sed Dredt isbor Soning Department S185,000 Deect or Tutng Deparme s000 Indirect labor Spining Department $18500 indret abor utng Depaent $0 000 Depreciation charged on fed assets 31 Spinning Departent $12500 Tuing Depament 58 500 31 Expeed prepad tactory insunance Seing Depateent 2000 Entries for process cost system Final Questions Chart of Accounts Journal Instructions Instructions Indirect materials-Tufting Department, $39,500 31 Labor used Direct labor-Spinning Department, $185,000 Direct labor-Tufting Department, $98,000 Indirect labor-Spinning Department, $18,500 Indirect labor-Tufting Department, $9,000 Depreciation charged on foxed assets 31 Spinning Department, $12,500 Tufting Department, $8,500 Expired prepaid factory insurance 31 Spinning Department, $2,000 Tufting Department, $1,000 31 Applied factory overhead Spinning Department, $80,000 Tufting Department, $55,000 Production costs transferred from Spinning Department to Tufting Department, $547,000 31 Production costs transferred from Tufting Department to Finished Goods, $807.200 31 Cost of goods sold during the period, $795,200 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 exact wording of account tles 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

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