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 Tuting 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 $62,000 Work in Process-Spinning Department 35,000 Work in Process-Tufting Department Materials 28,500 17,000 Departmental accounts are maintained for lactory overhead, and both have zero balances on January 1. Manufacturing operations for January are summarized as follows Jan. 1 Materials purchased on account, $500,000 2 Materials requisitioned for use 31 Fiber-Spinning Department, $275,000 Carpet backing-Tuting Department, $110,000 Indirect materials-Spinning Department, $46,000 Indirect materials-Tufting Department, $39.500 Labor used: Direct labor-Spinning Department, $185,000 Direct labor-Tutting Department, $90,000 Indirect labor-Spinning Department, $18,500 Indirect labor-Tufting Department, $9.000 31 Depreciation charged on fixed assets Spinning Department, $12,000 Tufing Department, 6,500 31 Expired prepaid factory insurance Check My Work 2 more Check My Work uses remaining Previous All work saved. Save and Fall Submit Assignment for Grading