FloorMate Carpet Company manufactures carpets. Fiber is placed in process in the
ID: 2526951 • Letter: F
Question
FloorMate 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 October 1, FloorMate Carpet Company had the following inventories:
Departmental accounts are maintained for factory overhead, and both have zero balances on October 1. Manufacturing operations for October are summarized as follows:
FloorMate 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 October 1, FloorMate Carpet Company had the following inventories:
Departmental accounts are maintained for factory overhead, and both have zero balances on October 1. Manufacturing operations for October are summarized as follows:
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Chart of Accounts
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Journal
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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 titles.
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PAGE 10
JOURNAL
Score: 229/346
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2. Compute the October 31 balances of the inventory accounts.
Finished Goods $6,200 Work in Process-Spinning Department 1,100 Work in Process-Tufting Department 2,700 Materials 4,200Explanation / Answer
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Rows Date General Journal Debit Credit 1 Oct. 1 Materials 81200 2 Accounts payable 81200 (To record materials purchased on account) 3 Oct. 2 Work in process-Spinning department 43000 4 Work in process-Tufting department 34200 5 Factory overhead-Spinning department 3500 6 Factory overhead-Tufting department 2800 7 Materials 83500 (To record materials requisitioned) 8 Oct. 31 Work in process-Spinning department 27600 9 Work in process-Tufting department 17900 10 Factory overhead-Spinning department 11800 11 Factory overhead-Tufting department 11700 12 Wages payable 69000 (To record labor used) 13 Oct. 31 Factory overhead-Spinning department 5300 14 Factory overhead-Tufting department 3700 15 Accumulated depreciation-Factory 9000 (To record depreciation on fixed assets) 16 Oct. 31 Factory overhead-Spinning department 1300 17 Factory overhead-Tufting department 1100 18 Prepaid insurance 2400 (To record expired prepaid factory insurance) 19 Oct. 31 Work in process-Spinning department 22200 20 Work in process-Tufting department 18950 21 Factory overhead-Spinning department 22200 22 Factory overhead-Tufting department 18950 (To record factory overhead applied) 23 Oct. 31 Work in process-Tufting department 86000 24 Work in process-Spinning department 86000 (To record transfer from Spinning to Tufting department) 25 Oct. 31 Finished goods 150400 26 Work in process-Tufting department 150400 (To record transfer from Tufting department to Finished goods) 27 Oct. 31 Cost of goods sold 153400 28 Finished goods 153400 (To record cost of sales)Related Questions
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