Compute the July 31 balances of the inventory accounts. Materials Work in Proces

Question

Compute the July 31 balances of the inventory accounts. Materials Work in Process-Spinning Department Work in Process-Tufting Department Finished Goods Compute the July 31 balances of the factory overhead accounts. If required, use the minus sign to indicate a credit balance. Factory Overhead-Spinning Department Factory Overhead-Tufting Department 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: Materials purchased on account..................................................... $ 84,600 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 Labor used: Direct labor-Spinning Department............................................... $ 24,200 Direct labor-Tufting Department................................................. 18,700 Indirect labor-Spinning Department............................................. 12,300 Indirect labor-Tufting Department............................................... 11,900 Depreciation charged on fixed assets: Spinning Department............................................................ $ 5,300 Tufting Department.............................................................. 3,100 Expired prepaid factory insurance: Spinning Department............................................................ $ 1,200 Tufting Department.............................................................. 900 Applied factory overhead: Spinning Department............................................................ $ 21,600 Tufting Department.............................................................. 19,500 Production costs transferred from Spinning Department to Tufting Department........ $ 87,200 Production costs transferred from Tufting Department to Finished Goods.............. SI 59,200 Cost of goods sold during the period................................................ 5160,300

Explanation / Answer

2) materials = $80,400.

spinning department = $196,900

tufting department = $ 249,100

finished goods = $165900

3) spinning department = -$197,800

tufting department = -$250,500

Related Questions

Navigate

• Browse (All)
• Browse C
• Subjects

---

---

Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.