Manufacturing costs for Colbert Company for the selected months are as followsJuleBeginning work in processDirect materials usedDirect laborManufacturing overheadTotal manufacturing costsTotal cost of work in processEnding work in processCost of goods manufacturedBeginning finished goodsCost of goods available for saleEnding finished goodsCost of goods sold$100,000250,000200,000700.00060.000060,000710.000August180,000140,000120,000440,000500,000400,000150.00070,000September$100,000140.00095,000335,000335,000405.000295,000Instructions:Indicate the missing amounts Do NOT use 5 signs. Use commas in numbers (NO $10000) (NO 10000) (YES 10.000) Failure to follow theseInstructions WILL RESULT IN AN INCORRECT ANSWER.

Name: Manufacturing costs for Colbert Company for the selected months are a
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Description: Manufacturing costs for Colbert Company for the selected months are as followsJuleBeginning work in processDirect materials usedDirect laborManufacturing overheadTotal manufacturing costsTotal cost of work in processEnding work in processCost of goo

Cost sheet is the statement which is prepared by an entity to show the amount of cost incurred on…

Business

Accounting

Beginning work in process Direct materials used Direct labor Manufacturing overhead Total manufacturing costs Total cost of work in process Ending work in process Cost of goods manufactured Beginning finished goods Cost of goods available for sale Ending finished goods Cost of goods sold $100,000 cted months are as follows 250,000 200.000 700.000 60,000 060,000 710.000 August 100.000 140,000 120,000 400,000 500,000 400.000 D 150.000 70,000 September $100,000 140,000 95,000 335,000 335,000 405.000 295.000 Instructions: the missing amounts Do NOT use S signs. Use commas in numbers (NO $10000) (NO 10000) (YES 10.000) Failure to follow these Instructions WILL RESULT IN AN INCORRECT ANSWER

Beginning work in process Direct materials used Direct labor Manufacturing overhead Total manufacturing costs Total cost of work in process Ending work in process Cost of goods manufactured Beginning finished goods Cost of goods available for sale Ending finished goods Cost of goods sold $100,000 cted months are as follows 250,000 200.000 700.000 60,000 060,000 710.000 August 100.000 140,000 120,000 400,000 500,000 400.000 D 150.000 70,000 September $100,000 140,000 95,000 335,000 335,000 405.000 295.000 Instructions: the missing amounts Do NOT use S signs. Use commas in numbers (NO $10000) (NO 10000) (YES 10.000) Failure to follow these Instructions WILL RESULT IN AN INCORRECT ANSWER

Principles of Cost Accounting

17th Edition

ISBN:9781305087408

Author:Edward J. Vanderbeck, Maria R. Mitchell

Publisher:Edward J. Vanderbeck, Maria R. Mitchell

Chapter5: Process Cost Accounting—general Procedures

Section: Chapter Questions

Problem 2P: Dublin Brewing Co. uses the process cost system. The following data, taken from the organizations...

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Entries for process cost system Pori Ormond Carpel 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 carpel hacking is added al 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 ProcessSpinning Department 35,000 Work in ProcessTufting 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: a Materials purchased on account 500,000 b Materials requisitioned for use FiberSpinning Department 275,000 Carpet backingTufting Department 110,000 Indirect materialsSpinning Department 46,000 Indirect materialsTufting Department 39,500 c. Labor used Direct laborSpinning Department 185,000 Direct laborTufting Department 98,000 Indirect laborSpanning Department 18,500 Indirect laborTufting Department 9,000 d Depreciation charged on fixed assets: Spinning Department 12,500 Tufting Department 8,500 e. Expired prepaid factory insurance: Spinning Department 2,000 Tufting Department 1,000 f. Applied factory overhead Spinning Department 80,000 Tufting Department 55,000 g Production costs transferred from Spinning Department to Tufting Department 547,000 h Production costs transferred from Tufting Department to Finished Goods 807,200 i. Cost of goods sold during the period 795,200 Instructions 1. Journalize the entries to record the operations, identifying each entry by letter. 2. Compute the January 31 balances of the inventory accounts. 3. Compute the January 31 balances of the factory overhead accounts.