nstructionsPort Ormond Carpet Company manufactures carpets. Fiber is placed in process in the Spinning Department, where it is spun into yam. 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 isompleted. On January 1, Port Ormond Carpet Company had the following inventories:Finished Goods$8,400Work in Process-Spinning Department1,600Work in Process-Tufting Department2,100Materials4,500Departmental 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, $84,300Materials requisitioned for use:Fiber-Spinning Department, $42,600Carpet backing-Tufting Department, $34,500Indirect materials-Spinning Department, $4,000Indirect materials-Tufting Department, $2,50031Labor used:Direct labor-Spinning Department, $27,200Direct labor-Tufting Department, $18,600Indirect labor-Spinning Department, $12,200Indirect labor-Tufting Department, $11,80031Depreciation charged on fixed assets:Spinning Department, $5,300Tufting Department, $3,30031Expired prepaid factory insurance:Spinning Department, $1,200Tufting Department, $1,00031Applied factory overhead:Spinning Department, $23,100Tufting Department, $18,15031Production costs transferred from Spinning Department to Tufting Department, $86,00031Production costs transferred from Tufting Department to Finished Goods, $150,00031Costgoods sold during the period, $154,500Required: Required:1. Journalize the entries to record the operations, using the dates provided with the summary of manufacturing operations. Refer to the chart ofaccounts for the exact wording of the account titles. CNOW journals do not use lines for spaces or journal explanations. Every line on a journalpage is used for debit or credit entries. Do not add explanations or skip a line between journal entries. CNOW journals will automatically indenta credit entry when a credit amount is entered.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.

A journal entry is a form of accounting entry that is used to report a business transaction in a…

Answered: Materials purchased on account…

Materials purchased on account Materials requisitioned for use: Fiber-Spinning Department, $42 Carpet backing-Tufting Depart Indirect materials-Spinning Dep 2.

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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L13 D. 4 Data Section: $45,000 9. 642,000 91,500 93,000 Direct labor 8 Direct materials inventory, 1/1 9 Direct materials inventory, 12/31 10 Factory rent 11 Finished goods, 1/1 12 Finished goods, 12/31 13 Indirect labor 76,410 132,000 172,500 37,500 26,250 14 Indirect materials 15 Purchases of direct materials 16 Work in process, 1/1 17 Work in process, 12/31 645,180 30,300 28,665 Depreciation-equipment 18 19 Answer Section: 20 Jackson Manufacturing 21 22 Schedule of Cost of Goods Manufactured 23 For the Year Ended December 31 24 25 Work in process, 1/1 $30,300 26 Direct materials Direct materials inventory, 1/1 28 Add: 27 $91,500 FORMULA 1 Purchases of Materials 29 30 Cost of direct materials available $0 FORMULA 2 31 Less: Direct Material, 12/31 32 33 Cost of direct materials used FORMULA 3 34 Direct labor 642,000 35 Manufacturing overhead: 36 Factory rent 37 Depreciation - Equipment $76,410 FORMULA 4 MFG Enter Search the web and Windows op THOF
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Required Information Problem 3-5A (Algo) Production cost flow and measurement Journal entries LO P3, P4 [The following Information applies to the questions displayed below.] Sierra Company manufactures soccer balls in two sequential processes: Cutting and Stitching. All direct materials enter production at the beginning of the cutting process. The following Information is available regarding its May Inventories. Direct materials Raw materials purchased on credit Direct materials used Cutting Direct materials used-Stitching Raw materials inventory work in process Inventory Cutting work in process Inventory Stitching Finished goods inventory The following additional Information describes the company's production activities for May. Direct labor Direct labor-Cutting Direct labor-Stitching Factory Overhead (Actual costs) Indirect materials used Indirect Inbor used Other overhead costs Factory Overhead Rates Cutting Stitching c. Indirect materials used d. Direct labor used $ 23,108 e.…
eBook Show Me HowPrint Item Question Content Area Costs per Equivalent Unit The following information concerns production in the Baking Department for August. All direct materials are placed in process at the beginning of production. ACCOUNT Work in Process—Baking Department ACCOUNT NO. Date Item Debit Credit Balance Debit Balance Credit August 1 Bal., 36,000 units, 3⁄4 completed 207,360 31 Direct materials, 200,000 units 450,000 657,360 31 Direct labor 207,900 865,260 31 Factory overhead 680,400 1,545,660 31 Goods finished, 196,000 units 1,361,660 184,000 31 Bal., ? units, 1⁄2 completed 184,000 a. Based on the above data, determine each cost listed below. Round "cost per equivalent unit" answers to the nearest cent. Line Item Description Amount 1. Direct materials cost per equivalent unit $fill in the blank 1 2. Conversion cost per equivalent unit $fill in the blank 2 3. Cost of the beginning work in process completed during…
Question 4 : a company, manufactures educational toys using process costing system. Plastic is molded into the appropriate shapes in the Molding Department. Molded components are transferred to the Assembly Department where the toys are assembled. Molding Beginning inventory: Units 500 Prior department Materials Conversion costs Started or transferred in: $2,500.00 $1,050.00 Units February costs: Prior department Materials 1,000 $5,000.00 Conversion costs $7,660.00 Ending inventory in units 200 Beginning and ending work in process for the department showed the following degree of completion: Molding Degree of completion: Beginning work in process, materials Beginning work in process, conversion costs Ending work in process, materials Ending work in process, conversion costs 100% 30 100 20 Required : 1. Calculate the Modeling Department's equivalent units of production for materials and conversion in July using FIFO method. 2. Summarize total costs to account for and assign total costs…
tab es lock esc QUESTION 8 Deja Brew Company reported the following for the most recently completed fiscal year: Raw Materials Purchased Direct Labor Work-in-Process Inventory, Beginning Work-in-Process Inventory, Ending Finished Goods Inventory, Beginning Finished Goods Inventory, Ending Calculate cost of goods sold for the year. ! Click Save and Submit to save and submit. Click Save All Answers to save all answers. 1 Q A @ 2 W S # M $63,500 58,200 31,600 31,500 3 E Manufacturing Overhead Cost of Goods Manufactured $ 4 R % 07 dº 5 MacBook Pro D F $109,600 180,800 95,900 391,200 T 6 G 7 Y * 00 O H 8 U
How to find cost of materials purchased See attached
Entry for Issuing Materials Materials issued are as follows: Requisition No. Material Job No. Amount 201 Aluminum 500 $89,380 202 Plastic 503 25,330 203 Rubber 504 3,950 204 Glue Indirect 2,400 205 Steel 510 36,960 Journalize the entry to record the issuance of materials. If an amount box does not require an entry, leave it blank. Work in Process Materials Finished Goods Factory Overhead Cash
CCOUNTING Section3 Lecture (20201_020113 Courses / COST ACCOUNTING Section3 Lecture (20201 020113101 AAUP - JENIN)/ 23 February-1 Ma Time left 01740 The following infiormation pertains to a manufacturing company which uses weighted average method: Work in process, beginning direct materials $550,000 and conversion $450,000, Costs added in current period, direct materials $650,000 and conversion S750,000 cost per equivaient unit, direct materials $200 and conversion $300. Using weighted average method, the equlvalent units of materials is Oa 8000 units b.6000 units OC4500 units d.5333 units Oear my choice Next page Jump to chapter 15+15 powe point -
royalty-free image X A Login Homework i X https://ezto.mheducation.com/ext/map/index.html?_con=con&external_browser=0&launchUrl=https%253A%252F%252Fnewconnect.mheducati... A Question 11 - Ch 17-18 Homew X Cost Data: Bonding Department Direct materials costs in beginning inventory, September 1 Conversion costs in beginning inventory, September 1 Direct materials costs incurred in September Conversion costs incurred in September Physical Units: Bonding Department Units in process, September 1 Units transferred out during September Units in process, September 30 Percentages of Completion: Bonding Department Direct materials, September 1 Conversion, September Direct materials, September 30 Conversion, September 30 Cost per equivalent unit Direct Materials Required information [The following information applies to the questions displayed below.] Lavalear Corporation uses a process costing system and traces costs through several processing departments, starting with the Bonding Department.…
Indirect materials Indirect labor Other overhead Overhead applied Star Promotions $ 22,000 46,000 Valle Builders $ 12,500 46,500 17,000 47,000 88,000 105,000 Star Promotions 1-a. Determine whether overhead is overapplied or underapplied. 1-b. Prepare the journal entry to allocate (close) overapplied or underapplied overhead to Cost of Goods Sold. Valle Builders 2-a. Determine whether overhead is overapplied or underapplied. 2-b. Prepare the journal entry to allocate (close) overapplied or underapplied overhead to Cost of Goods Sold.
Required information [The following information applies to the questions displayed below.] The following data is provided for Garcon Company and Pepper Company. Garcon Pepper Company Company Beginning finished goods inventory $ 13,400 $ 19,300 Beginning work in process inventory 17,800 23,700 Beginning raw materials inventory (direct materials) 11,300 10,950 Rental cost on factory equipment Direct labor 32,000 24,100 23,600 37,400 Ending finished goods inventory 20,000 17,000 Ending work in process inventory 25,000 19,000 7,600 9,800 Ending raw materials inventory Factory utilities 13,950 17,500 Factory supplies used (indirect materials) 8,500 5,100 General and administrative expenses 21,500 45,000 Indirect labor 2,000 9,580 7,580 2,200 Repairs-Factory equipment Raw materials purchases Selling expenses 36,000 58,000 58,000 58,900 Sales 223,530 310,010 Cash 25,000 18,700 Factory equipment, net 222,500 121,825 Accounts receivable, net 14,600 21,950 Required: 1. Complete the table to find…