Buena Montana Carpet Company manufactures carpets. Fiber is placed in process in the Spinning Department, where...

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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 completed. On January 1, Buena Montana Carpet Company had the following inventories: Finished Goods Work in Process-Spinning Department Work in Process-Tufting Department Materials $8,400 1,600 2,100 4,500 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, $84,300 2 Materials requisitioned for use: Fiber-Spinning Department, $42,600 Carpet backing-Tufting Department, $34,500 Indirect materials-Spinning Department, $4,000 31 31 31 31 21 Indirect materials-Spinning Department, $4,000 Indirect materials-Tufting Department, $2,500 Labor used: Direct labor-Spinning Department, $27,200 Direct labor-Tufting Department, $18,600 Indirect labor-Spinning Department, $12,200 Indirect labor-Tufting Department, $11,800 Depreciation charged on fixed assets: Spinning Department, $5,300 Tufting Department, $3,300 Expired prepaid factory insurance: Spinning Department, $1,200 Tufting Department, $1,000 Applied factory overhead: Spinning Department, $23,100 Tufting Department, $18,150 Droduction conto transferred from Orinning Donortment to Tufting Donortmant 600.000 31 Applied factory overhead: 31 31 31 Spinning Department, $23,100 Tufting Department, $18,150 Production costs transferred from Spinning Department to Tufting Department, $86,000 Production costs transferred from Tufting Department to Finished Goods, $150,000 Cost of goods sold during the period, $154,500 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 the exact wording of the account titles. CNOW journals do not use lines for journal explanations. Every line on a journal page is used for debit or credit entries. CNOW journals will automatically indent a credit entry when a credit amount is entered. 2. Compute the January 31 balances of the inventory accounts. Enter all amounts as positive numbers. 3. Compute the January 31 balances of the factory overhead accounts. Enter all amounts as positive numbers. 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 completed. On January 1, Buena Montana Carpet Company had the following inventories: Finished Goods Work in Process-Spinning Department Work in Process-Tufting Department Materials $8,400 1,600 2,100 4,500 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, $84,300 2 Materials requisitioned for use: Fiber-Spinning Department, $42,600 Carpet backing-Tufting Department, $34,500 Indirect materials-Spinning Department, $4,000 31 31 31 31 21 Indirect materials-Spinning Department, $4,000 Indirect materials-Tufting Department, $2,500 Labor used: Direct labor-Spinning Department, $27,200 Direct labor-Tufting Department, $18,600 Indirect labor-Spinning Department, $12,200 Indirect labor-Tufting Department, $11,800 Depreciation charged on fixed assets: Spinning Department, $5,300 Tufting Department, $3,300 Expired prepaid factory insurance: Spinning Department, $1,200 Tufting Department, $1,000 Applied factory overhead: Spinning Department, $23,100 Tufting Department, $18,150 Droduction conto transferred from Orinning Donortment to Tufting Donortmant 600.000 31 Applied factory overhead: 31 31 31 Spinning Department, $23,100 Tufting Department, $18,150 Production costs transferred from Spinning Department to Tufting Department, $86,000 Production costs transferred from Tufting Department to Finished Goods, $150,000 Cost of goods sold during the period, $154,500 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 the exact wording of the account titles. CNOW journals do not use lines for journal explanations. Every line on a journal page is used for debit or credit entries. CNOW journals will automatically indent a credit entry when a credit amount is entered. 2. Compute the January 31 balances of the inventory accounts. Enter all amounts as positive numbers. 3. Compute the January 31 balances of the factory overhead accounts. Enter all amounts as positive numbers.

Answer rating: 100% (QA)

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 the exact wording of the account titles CNOW ... View the full answer