Final Questions 2. Compute the January 31 balances of the inventory accounts. Enter your amounts in positive value Materials $162,500 X Debit Work in Process: . Spinning Department $74,200 X Debit . Tufting Department $156,250 X Debit Finished Goods $152,600 X 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 $21,300 X Credit V . Tufting Department $19,200 X Debit Points: 274Entries 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 Tufting 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-Tufting Department 2,400 Materials 4,300 Departmental accounts are maintained for factory overhead, and both have zero balances on January 1. Manufacturing operations for January are summarized as follows: Jan Materials purchased on account, $80,000 2 Materials requisitioned for use: Fiber-Spinning Department, $42,000 Carpet backing-Tufting Department, $34,600 Indirect materials-Spinning Department, $3,000Show Me How 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. Spinning Department, $21,500 Tufting Department, $18,850 31 Production costs transferred from Spinning Department to Tufting Department, $85,000 31 Production costs transferred from Tufting Department to Finished Goods, $152,600 31 Cost of goods sold during the period, $155,300 Required: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 Production costs transferred from Tufting Department to Finished Goods, $152,600 31 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 operations Refer to the chart of accounts for the exact wording of the account titles. CNOW journals do not use lines for spaces or journal explanations. Every line on a journal page is used for debit or credit entries. Do not add explanations or skip a line between journal entries. CNOW journals will automatically indent 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 valuePort 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 Tufting 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-Tufting Department 2,400 Materials 4,300 Departmental accounts are maintained for factory overhead, and both have zero balances on January 1. Manufacturing operations for January are summarized as follows: Jan 1 Materials purchased on account, $80,000 2 Materials requisitioned for use: Fiber-Spinning Department, $42,000 Carpet backing-Tufting Department, $34,600 Indirect materials-Spinning Department, $3,000Indirect 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: Spinning Department, $21,500 Tufting Department, $18,850 31 Production costs transferred from Spinning Department to Tufting Department, $85,000 31 Production costs transferred from Tufting Department to Finished Goods, $152,600 31 Cost of goods sold during the period, $155,300 Required: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 Production costs transferred from Tufting Department to Finished Goods, $152,600 31 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 operations. Refer to the chart of accounts for the exact wording of the account titles. CNOW journals do not use lines for spaces or journal explanations. Every line on a journal page is used for debit or credit entries. Do not add explanations or skip a line between journal entries. CNOW journals will automatically indent a credit entry when a credit amount is entered. 2. Compute the January 31 balances of the inventory accounts. * 3. Compute the January 31 balances of the factory overhead accounts.* *Enter your amounts in positive valueShow Me How JOURNAL Score: 346/346 ACCOUNTING EQUAT DATE DESCRIPTION POST. REF. DEBIT CREDIT ASSETS LIABILITIES Jan. 1 Materials 80,000.00 2 Accounts Payable 80,000.00 Jan. 2 Work in Process-Spinning Department 42,000.00 Work in Process-Tufting Department 34.600.00 Factory Overhead-Spinning Department 3,000.00 Factory Overhead-Tufting Department 2,900.00 Materials 82.500.00 Jan. 31 Work in Process-Spinning Department 26,900.00 9 Work in Process-Tufting Department 17,800.00 10 Factory Overhead-Spinning Department 11,700.00 11 Factory Overhead-Tufting Department 11,800.00 12 Wages Payable 68.200.00 13 Jan. 31 Factory Overhead-Spinning Department 5,300.00 14 Factory Overhead-Tufting Department 3,500.00 15 Accumulated Depreciation-Factory 8,800.00 15 Jan. 31 Factory Overhead-Spinning Department 1.300.00 Search W 9k Show Me How 6 Jan. 31 Factory Overhead-Spinning Department 1,300.00 Factory Overhead-Tufting Department 1,000.00 1S Prepaid Insurance 2.300.00 19 Jan. 31 Work in Process-Spinning Department 21,500.00 20 Work in Process-Tufting Department 18.850.00 21 Factory Overhead-Spinning Department 21,500.00 22 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 25 Work in Process-Tufting Department 152,600.00 27 Jan. 31 Cost of Goods Sold 155,300.00 78 Finished Goods 155,300.00 Points: Feedback