entries for cost system

Project Description:

pr 20-1 a entries for process cost system
design flooring 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 july 1, design flooring carpet company
had the following inventories:
finished goods $5,600
work in process—spinning department 900
work in process—tufting department 1 ,400
materials 4,200
departmental accounts are maintained for factory overhead, and both have zero balances
on july 1.
manufacturing operations for july are summarized as follows:
a. materials purchased on account . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 84,600
b. materials requisitioned for use:
fiber—spinning department . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 42,800
carpet backing—tufting department . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 34,400
indirect materials—spinning department . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,200
indirect materials—tufting department . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,800
c. labor used:
direct labor—spinning department . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 24,200
direct labor—spinning department . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 24,200
direct labor—tufting department . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 8,700
indirect labor—spinning department . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 2,300
indirect labor—tufting department . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 1 ,900
d. depreciation charged on fixed assets:
spinning department . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 5,300
tufting department . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,1 00
e. expired prepaid factory insurance:
spinning department . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 1 ,200
tufting department . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 900
f. applied factory overhead:
spinning department . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 21 ,600
tufting department . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 9,500
g. production costs transferred from spinning department to tufting department . . . . . . . . $ 87,200
h. production costs transferred from tufting department to finished goods . . . . . . . . . . . . . . $1 59,200
i. cost of goods sold during the period . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $1 60,300
instructions
1. journalize the entries to record the operations, identifying each entry by letter.
2. compute the july 31 balances of the inventory accounts.
3. compute the july 31 balances of the factory overhead accounts.
Skills Required:
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