eBook Show Me How Port Omond Carpet Company manufactures carpets Fiber is placed in process in the Spinning Department, where it is spun into yam. The output of the Spinning Department is transferred 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: Finished Goods $7,200 Work in Process-Spinning Department 1,000 Work in Process-Tufing Department Materials 2,400 4,300 Departmental accounts are maintained for factory overhead, and both have zero balances on January 1. Manufacturing operations for January are summarized as folows Jan 1 Materials purchased on account, 500.000 2 Materials requisitioned for use Fiber Spinning Department $42.000. 31 Carpet backing-Tufting Department, 534,600 Indirect materials-Spinning Department, $3,000 Indirect materials-Tufing Department, 52.900 Labor used Direct labor-Spmning Department, $26,900 Direct labor-Tufting Department $17,800 Indrect labor-Spinning Department. $11,700 Materials Departmental accounts are maintained for factory overhead, and both have zero balances on Jan Jan. 1 Materials purchased on account, $80,000 2 Materials requisitioned for use: Fiber-Spinning Department, $42,000 Check My Work Carpet backing-Tufting Department, $34,600 Indirect materials-Spinning Department, $3,000 Indirect materials-Tufting Department, $2,900 31 Labor used: Direct labor-Spinning Department, $26,900 Direct labor-Tufting Department, $17,800 Indirect labor-Spinning Department, $11,700 Indirect labor-Tufting Department, $11,800 31 Depreciation charged on fixed assets: Spinning Department, $5.300 Tufting Department, $3.500 31 Expired prepaid factory insurance Spinning Department, $1,300 Tufting Department, $1,000 31 Applied factory overhead: Show Me How Indirect labor-Tufting Department, $11,800 31 Depreciation charged on fixed assets: Spinning Department, $5,300 Tufting Department, $3,500 31 Expired prepaid factory insurance: Spinning Department, $1,300 Tufting Department, $1,000 31 Applied factory overhead: Spinning Department, $21,500 Tufting Department, $18,850 31 Production costs transferred from Spinning Department to Tufting Department, $85,000 31 31 Production costs transferred from Tufting Department to Finished Goods, $152,600 Cost of goods sold during the period, $155,300 Required: Journalize the entries to record the operations, using the dates provided with the summary of manufacturing operatio accounts for the exact wording of the account titles. CNOW journals do not use lines for spaces or journal explanatic page is used for debit or credit entries. Do not add explanations or skip a line between journal entries CNOW journa a credit entry when a credit amount is entered Compute the January 31 balances of the inventory accounts.* Compute the January 31 balances of the factory overhead accounts "Enter your amounts in positive value Work Fow does grading JOURNAL Score: 346/346 AC 1 DATE Jan 1 Materials Accounts Payable DESCRIPTION POST. REF DEBIT CREDIT ASSETS 80,000.00 80,000.00 3 Jan 2 Work in Process-Spinning Department 42,000.00 Work in Process-Tufting Department 34,600.00 5% Factory Overhead-Spinning Department 3,000.00 Factory Overhead-Tufting Department 2,900.00 1 Materials 82,500.00 Jan 31 Work in Process-Spinning Department 26,900.00 Work in Process-Tufting Department 17,800.00 + - 010 Factory Overhead-Spinning Department 11,700.00 Factory Overhead-Tufting Department 11,800.00 Wages Payable 68,200.00 Jan. 31 Factory Overhead-Spinning Department 5,300.00 Factory Overhead-Tufting Department 3,500.00 15 Accumulated Depreciation-Factory 8,800.00 Jan 31 Factory Overhead-Soinging Department 1.300.00 ck My Work eBook Me Ho 13 14 14 15 16 15 Jan. 31 Factory Overhead-Spinning Department Factory Overhead-Tufting Department Accumulated Depreciation-Factory 5,300.00 3,500.00 8,800.00 16 Jan. 31 Factory Overhead-Spinning Department 1,300.00 + 17 Factory Overhead-Tufting Department 1,000.00 18 Prepaid Insurance 2,300.00 - 19 Jan. 31 Work in Process-Spinning Department 21,500.00 - 20 20 Work in Process-Tufting Department 18,850.00 21 Factory Overhead-Spinning Department 21,500.00 R Factory Overhead-Tufting Department 18,850.00 23 Jan. 31 Work in Process-Tufting Department 85,000.00 + 24 Work in Process-Spinning Department 85,000.00 25 Jan. 31 Finished Goods 152,600.00 16 26 Work in Process-Tufting Department 152,600.00 Jan. 31 Cost of Goods Sold 155,300.00 Finished Goods 155,300.00 eBook Show Me How 2. Compute the January 31 balances of the inventory accounts. Enter your amounts in positive value. Materials Work in Process: $4,300 X Debit Spinning Department $1,000 X Debit Tufting Department $ Debit V Finished Goods $ Debit Points: 4/8 3. Compute the January 31 balances of the factory overhead accounts. Enter your amounts in positive value. Factory Overhead: . Spinning Department Tufting Department $ $1,000 X Credit Debit Points: 2/4 Feedback Check My Work 2. & 3. Set up T accounts to help determine the balances from the transactions above. Check My Work