FloorMate Carpet Company manufactures carpets Fiber is place

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:

Finished Goods	$8,300
Work in Process-Spinning Department	2,000
Work in Process-Tufting Department	2,600
Materials	4,800

Solution

Answer 1. Journal Entry Date Particulars Dr. Amt. Cr. Amt. 1-Oct Materials      82,000.00    Accounts Payable      82,000.00 (To record the materials purchased) 2-Oct Work in Process - Spinning Department      42,600.00 Work in Process - Tufting Department      34,700.00 Factory Overhead - Spining Department        3,300.00 Factory Overhead - Tufting Department        2,900.00    Materials      83,500.00 (To record the material issued for production) 31-Oct Work in Process - Spinning Department      26,300.00 Work in Process - Tufting Department      17,200.00 Factory Overhead - Spining Department      12,500.00 Factory Overhead - Tufting Department      11,900.00    Wages Payable      67,900.00 (To record the Labor used for production) 31-Oct Factory Overhead - Spining Department        5,300.00 Factory Overhead - Tufting Department        3,100.00    Accumulated Depreciation - Fixed Assets        8,400.00 (To record the Depreciation Expense) 31-Oct Factory Overhead - Spining Department        1,000.00 Factory Overhead - Tufting Department            800.00    Prepaid Factory Insurance        1,800.00 (To record the expires prepaid insurance) 31-Oct Work in Process - Spinning Department      22,400.00 Work in Process - Tufting Department      18,250.00     Factory Overhead - Spining Department      22,400.00     Factory Overhead - Tufting Department      18,250.00 (To record the factory overhead applied) 31-Oct Work in Process - Tufting Department      90,000.00     Work in Process - Spinning Department      90,000.00 (To record the Cost transfererd) 31-Oct Finshed Goods    153,200.00     Work in Process - Tufting Department    153,200.00 (To record the finished goods) 31-Oct Cost of Goods Sold    158,000.00    Finished Goods    158,000.00 (To record the cost of goods sold) Answer 2. Finished Goods Work in Process - Spinning Department Beg. Bal.        8,300.00    158,000.00 31-Oct Beg. Bal.      2,000.00    90,000.00 31-Oct 31-Oct    153,200.00 2-Oct    42,600.00 31-Oct    26,300.00 31-Oct    22,400.00 End. Bal.        3,500.00 End. Bal.      3,300.00 Work in Process - Tufting Department Materials Beg. Bal.        2,600.00    153,200.00 31-Oct Beg. Bal.      4,800.00    83,500.00 2-Oct 2-Oct      34,700.00 1-Oct    82,000.00 31-Oct      17,200.00 31-Oct      18,250.00 31-Oct      90,000.00 End. Bal.        9,550.00 End. Bal.      3,300.00 Answer 3. Factory Overhead - Spining Department Factory Overhead - Tufting Department 2-Oct        3,300.00      22,400.00 31-Oct 2-Oct      2,900.00    18,250.00 31-Oct 31-Oct      12,500.00 31-Oct    11,900.00 31-Oct        5,300.00 31-Oct      3,100.00 31-Oct        1,000.00 31-Oct          800.00 End. Bal.            300.00 End. Bal.          450.00