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Home / Questions / Hi, I attempted this problem but did not get the correct values for part 2 (balances of the

Hi, I attempted this problem but did not get the correct values for part 2 (balances of the

Hi, I attempted this problem but did not get the correct values for part 2 (balances of the inventory accounts for january 31) and part 3 (balances of the factory overhead accounts for january 31). I'm not sure where I went wrong or why my numbers aren't adding up. Can you help please? I copy and pasted the information from the question and added a screen shot of the values I got when I attempted those sections. 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:
   
2. Compute the January 31 balances of the inventory accounts.
3. Compute the January 31 balances of the factory overhead accounts.
X
Instructions
Final Questions
Shaded cells have feedbackX
PC
ng
is
2. Compute the January 31 balances of the inventory accounts.
$91,500 X
Materials
Debit
Work in Process:
$28,000
Spinning Department
Debit
$31,300
Debit
Tufting Department
$29,000 X
Finished Goods
Debit
De
6/8
Points:
Feedback
3. Compute the January 31 balances of the factory overhead accounts.
Factory Overhead:
$79,000 X
Credit
Spinning Department
$58,000 X
Tufting Department
Debit
Points
2/4

Sep 09 2020 View more View Less

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