Entries for process cost system Instructions Chart of Accounts Journal Final Questions Instructions Port Ormond 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 Tuing 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: $1,500 Finished Goods Work in Process-Spinning Department Work in Process-Tufting Department Materials Departmental accounts are maintained for factory overhead, and both have zero balances on January 1, Manufacturing operations for January are sumarized as follows: Jan. 1 Materials purchased on account, 584,700 Materials requisitioned for use: Fiber - Spinning Department. $42.000 Carpet backing-Tuting Department, S24.000 Indirect materials Spinning Deparment. $3,400 Indirect materials - Turing Department, $2,700 Labor used Entries for process cost system Instructions Chart of Accounts Journal Final Questions Instructions Direct labor-Spinning Department, $26,600 Direct labor-Tufting Department, $17,600 Indirect labor-Spinning Department, $11,900 Indirect labor-Tutting Department, $11,800 Depreciation charged on fixed assets: Spinning Department, $5,400 Tufting Department, $4,000 31 Expired prepaid factory insurance: Spinning Department, $1,100 Tufting Department, $800 31 Applied factory overhead: Spinning Department, $22,200 Tufting Department, $18,950 Production costs transferred from Spinning Department to Tufting Department, $89,500 Production costs transferred from Tufting Department to Finished Goods, $151,400 Cost of goods sold during the period, $154,200 31 31 31 Required: 1. Journalize the entries to record the operations, using the dates provided with the summary of manufacturing operations. Refer to the Chart of Accounts for exact wording of account titles. 2. Compute the January 31 balances of the inventory accounts 3. Compute the January 31 balances of the factory overhead accounts