FloorMate Carpet Company manufactures carpets. Fiber is placed in process in the
ID: 2393457 • Letter: F
Question
FloorMate 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 October 1, FloorMate Carpet Company had the following inventories:
Departmental accounts are maintained for factory overhead, and both have zero balances on October 1. Manufacturing operations for October are summarized as follows:
Charts of Accounts:
CHART OF ACCOUNTSFloorMate Carpet CompanyGeneral Ledger
Journal:
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.
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Final Questions:
2. Compute the October 31 balances of the inventory accounts.
3. Compute the October 31 balances of the factory overhead accounts.
Finished Goods $7,200 Work in Process-Spinning Department 1,000 Work in Process-Tufting Department 2,400 Materials 4,300Explanation / Answer
1. In the books of FloorMate Carpet Company:
2. Materials:
Work in Process: Spinning Department:
Work in Process: Tufting Department
Finished Goods:
3.
Date Description Debit Credit $ $ Oct 1 Materials 80,000 Accounts Payable 80,000 Oct 2 Work in Process: Spinning Department 42,000 Work in Process: Tufting Department 34,600 Factory Overhead : Spinning Department 3,000 Factory Overhead: Tufting Department 2,900 Materials 82,500 Oct 31 Work in Process: Spinning Department 26,900 Work in Process: Tufting Department 17,800 Factory Overhead : Spinning Department 11,700 Factory Overhead: Tufting Department 11,800 Wages Payable 68,200 Oct 31 Factory Overhead: Spinning Department 5,300 Factory Overhead : Tufting Department 3,500 Accumulated Depreciation : Factory 8,800 Oct 31 Factory Overhead: Spinning Department 1,300 Factory Overhead : Tufting Department 1,000 Prepaid Insurance 2,300 Oct 31 Work in Process: Spinning Department 21,500 Work in Process: Tufting Department 18,850 Factory Overhead : Spinning Department 21,500 Factory Overhead : Tufting Department 18,850 Oct 31 Work in Process: Tufting Department 85,000 Work in Process: Spinning Department 85,000 Oct 31 Finished Goods 152,600 Work in Process: Tufting Department 152,600 Oct 31 Cost of Goods Sold 155,300 Finished Goods 155,300Related Questions
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