Chart of ournalFinal Question Port Ormond Carpet Company manufactures carpets Fber is placed in process in the Spinning Department, where i is spun ino yam beginning of the process and the process is complieted. On January 1, Port Ormond Carpet Company had the following inventories Finished Goods Work in Process-Spining Department Work in Process Tuting Department Meterials 62,000 35,000 28.500 17,000 Departmental accounts ane mantained for tactory ovethead, and both havezro balances on January 1. Manvfachurng oserastons tor Jenuary are summarized an tollows Jan. 1 Materils purchased on account $500,000 Fber-Spinning Department $275,000 Carpot backing-Tuiting Department $110,000 Indirect materials-Spinning Department, $46,000 Indirect materials-Tufting Department, 539,300 31 Labor used Direct labor-Spinning Depatment, $185,000 Direct labor-Tuhing Deparment, $98,000 Indiroct labor-Spinning Depariment, $18,500 Indirect iabor-Turting Depariment, 59,000 1 Depreciation charged on feed assets Spinning Department $12,500 Tuting Department $8.500 2 more Check My Work uses emaining rcises& Problems eBook Show Me How Calculator tries for process cost system Chart of Accounts Journal Final Questions Inairect materials-utting Department, $39,500 31 Labor used: Direct labor-Spinning Department, $185,000 Direct labor-Tufting Dopartment, $98,000 Indirect labor-Spinning Department,$18,500 Indirect labor-Tuting Dopartment, $9,000 31 Depreciation chargod on fixed assets: Spinning Department, $12,500 Tufting Department, $8,500 31 Expired prepaid factory Insurance: Spinning Department, $2,000 Tuting Department, $1,000 Applied factory overhead: Spinning Department, $80,000 Tufting Department, $55,000 31 31 Production costs transferred from Spinning Department to Tufting Department, $547,000 31 Production costs transterred from Tuting Department to Finished Goods, $807,200 31 Cost of goods sold during the period, $795,200 Required: Refer to the Chart of 1. Journalize the entries to record the operations, using the dates provided with the summary of manufacturing operations Accounts for exact wordling of account tiles 2. Computo the January 31 balances of the inventory accounts 3. Compute the January 31 balances of the factory overhead accounts s for process cost system Journal Final Questions ctions hart of Accounts Port Ormond Carpet Company General Ledger ASSETS REVENUE 410 Sales 110 Cash 121 Accounts Receivable 125 Notes Receivable 126 Interest Receivable 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 192 Accumulated Depreciation-Factory 610 Interest Revenue EXPENSES 510 Cost of Goods Sold 520 Wages Expense 531 Selling Expense 532 Insurance Expense 533 Utilities Expense 534 Supplies Expense 540 Administrative Expense 561 Depreciation Expense-Factory 590 Miscellaneous Expense 710 Interest Expense g operatio ompute the January 31 balances of the factory overhead accounts rk 2 more Check My Work uses remaining 20-3 Exercises& Problems eBook Show Me How Entries for process cost system oun Journal Final Chart of Accounts 171 Supplies 172 Prepaid Insurance 173 Prepaid Expenses 181 Land 191 Factory 192 Accumulated Depreciation-Factory 540 Administrative Expense 561 Depreciation Expense-Factory 590 Miscellaneous Expense 710 Interest Expense 210 Accounts Payable 221 Utilities Payable 231 Notes Payable 236 Interest Payable 251 Wages Payable EQUITY 311 Common Stock 340 Retained Eamings 351 Dividends g operat 3. Compute the January 31 balances of the factory overhead accounts Check My Work 2 more Check My Work uses remaning. 2 more Check My Work uses remaining. signment Score: 59.09%