1. Joumalite the entries to record the operations, using the dates provided with the summary of manufacturing oporations. Refer to the chart of accounts for the exact wording of the account tites. CNOW joumals do not use lines for spaces or joumal explanabions. Every ine on a joumal page is used for debit or credit entries Do not add explanabions or sklp a line between joumal entries. CNOW joumals will automaticaly indent a credit entry when a credt amount is entered. How does sradiog work? Indirect labor-Spinning Department, $18,500 Indirect labor-Tutting Department, $9,000 31 Depreciation charged on fixed assets: Spinning Department, $12,500 Tuting Department, $8,500 31 Expired prepaid factory insurance: Spinning Department, $2,000 Tuting Department, $1,000 31. Applied factory overhead: Spinning Department, $80,000 Tutting Department, $55,000 31 Production costs translerred from Spinning Department to Tufting Department, $547,000 31 Production costs translerred from Tutung Department to Finished Goods, $807,200 31 Cost of goods sold during the period, 5795,200 Aequired: 1. Joumalve the entries to record the oporations, using the dates provided with the summary of manufacturing operations. Aefer to the chart of apoounts for the exad wonding of the account tides. CNOW joumals do not use ines for spaces or foumal explanations. Every line on a journal page is used for debir or credit entries. Do not add explanations or skip a ine between joumal entries. CNOW joumais wil automatically indent a credit entry when a credit amount is entered. 2 Compute the January at balances of the imventary accounts. 3. Compule the January 31 balances of the factory overhead accounts." 2 Compute the January 31 balances of the inventory accounts. Enter your amounts in positive value. 3. Compute the January 31 balances of the factory overhead accounts. Enter your amounts in positve value. Port Ormond Carpet Compary manutoctures carpets. Fiber is placed in process in the Spinning Department, where it is spun into yarn. The output of the Spinning Department is translerred to the Tutting 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: Departmental accounts are maintained for factory overhead, and both have zero balances on January 1. Manufacturing operations for January are summarized as follows LIABILITIES 210 Accounts Payable 221 Utilities Payable 231 Notes Payable 236 Interest Payable 251 Wages Payable EQUITY 311 Common Stock 340 Retained Earnings 351 Dividends 390 Income Summary CHART OF ACCOUNTS Port Ormond Carpet Company General Ledger ASSETS 110 Cash 121 Accounts Receivable 125 Notes Receivable 126 Interest Recelvable 131 Materials 141 Work in Process-Spinning Department 142 Work in Process-Tufting Department 151 Factory Overhead-Spinning Department 152 Factory Overhead-Tufting Department 161 Finished Goods 171 Supplies 172 Prepaid insurance 173 Prepaid Expenses 181 Land 191 Factory REVENUE 410 Sales 610 Interest Revenue EXPENSES 510 Cost of Goods Sold 520 Wages Expense 531 Selling Expenses 532 Insurance Expense 533 Utilities Expense 534 Supplies Expense 540 Administrative Expenses 561 Depreciation Expense-Factory 590 Miscellaneous Expense 710 Interest Expenso 192 Accumulated Depreciation-Factory