Hello, can you please help me with this question? Only part of the question fits in the screen snip I took so I have copied and pasted the data from the question and what it is asking for. Thanks!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$62,000Work in Process-Spinning Department35,000Work in Process-Tufting Department28,500Materials17,000 Departmental accounts are maintained for factory overhead, and both have zero balances on January 1. Manufacturing operations for January are summarized as follows:Jan.1Materials purchased on account, $500,000 2Materials requisitioned for use: Fiber—Spinning Department, $275,000 Carpet backing—Tufting Department, $110,000 Indirect materials—Spinning Department, $46,000 Indirect materials—Tufting Department, $39,500 31Labor 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 31Depreciation charged on fixed assets: Spinning Department, $12,500 Tufting Department, $8,500 31Expired prepaid factory insurance: Spinning Department, $2,000 Tufting Department, $1,000 31Applied factory overhead: Spinning Department, $80,000 Tufting Department, $55,000 31Production costs transferred from Spinning Department to Tufting Department, $547,000 31Production costs transferred from Tufting Department to Finished Goods, $807,200 31Cost 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 manufacturing operations. Refer to the Chart of Accounts for exact wording of account titles.2.Compute the January 31 balances of the inventory accounts.3.Compute the January 31 balances of the factory overhead accounts Entries for process cost systemInstructionsFinal QuestionsChart of AccountsJournalInstructionstransferred to the Tufting Department, where carpet backingPort 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 Departmentis 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$62,000Work in Process-Spinning Department35,000Work in Process-Tufting Department28,500Materials17,000Departmental accounts are maintained for factory overhead, and both have zero balances on January 1. Manufacturing operations for January are summarized as follows:Jan.Materials purchased on account, $500,000Materials requisitioned for use:2Fiber Spinning Department, $275,000Carpet backing-Tufting Department, $110,000Indirect materials Spinning Department, $46,000Indirect materials-Tufting Department, $39,500Labor used:31Direct labor-Spinning Department, $185,000Direct labor-Tufting Department, $98.000Spinnina Denartment $18 500Indirect labor

Name: Hello, can you please help me with this question? Only part of the que
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Description: Hello, can you please help me with this question? Only part of the question fits in the screen snip I took so I have copied and pasted the data from the question and what it is asking for. Thanks!Port Ormond Carpet Company manufactures carpets. Fiber

Process costing is a system in which production cost are allocated to individual production stages…

Answered: Entries for process cost system…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Hello, can you please help me with this question? Only part of the question fits in the screen snip I took so I have copied and pasted the data from the question and what it is asking for. Thanks!

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	$62,000
Work in Process-Spinning Department	35,000
Work in Process-Tufting Department	28,500
Materials	17,000

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, $500,000
	2	Materials requisitioned for use:
		Fiber—Spinning Department, $275,000
		Carpet backing—Tufting Department, $110,000
		Indirect materials—Spinning Department, $46,000
		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
	31	Depreciation charged on fixed assets:
		Spinning Department, $12,500
		Tufting Department, $8,500
	31	Expired prepaid factory insurance:
		Spinning Department, $2,000
		Tufting Department, $1,000
	31	Applied factory overhead:
		Spinning Department, $80,000
		Tufting Department, $55,000
	31	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

	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 titles.
2.	Compute the January 31 balances of the inventory accounts.
3.	Compute the January 31 balances of the factory overhead accounts

Entries for process cost system
Instructions
Final Questions
Chart of Accounts
Journal
Instructions
transferred to the Tufting Department, where carpet backing
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 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
$62,000
Work in Process-Spinning Department
35,000
Work in Process-Tufting Department
28,500
Materials
17,000
Departmental accounts are maintained for factory overhead, and both have zero balances on January 1. Manufacturing operations for January are summarized as follows:
Jan.
Materials purchased on account, $500,000
Materials requisitioned for use:
2
Fiber Spinning Department, $275,000
Carpet backing-Tufting Department, $110,000
Indirect materials Spinning Department, $46,000
Indirect materials-Tufting Department, $39,500
Labor used:
31
Direct labor-Spinning Department, $185,000
Direct labor-Tufting Department, $98.000
Spinnina Denartment $18 500
Indirect labor

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