Goods finished duil Work in process, January 31, 3.900 units, 10% completed blems: Series A als January Port Ormond Carpet Company manufactures carpets. Fiber is placed in ce, $46,500 Department, where it is spun into yarn. The output of the Spinning De PR 17-1A Entries for process cost system in the tran and the process is completed. On January 1, Port Ormond Carpet Companung of th inventories: to the Tufting Department, where carpet backing is added at the beginnnt is mpany had $62,000 -. Finished Goods GENERAL LEDGER 35,000 Work in Process-Spinning Department Work in Process-Tufting Department Materials 28,500 17,000 Departmental accounts are maintained for factory overhead, and both have January 1 Manufacturing operations for January are summarized as follows: A. Materials purchased on account B. Materials requisitioned for use: Fiber-Spinning Department Carpet backing-Tufting Department .1 Indirect materials-Spinning Department indirect materials-Tufting Department. .. . . . . . . . . . . . . . . . 2750m 110.00 C. Labor used: $185000 8,000 18500 D. Depreciation charged on fixed assets: Spinning Department. Tufting Department. E. Expired prepaid factory insurance $ 12500 s 2000 1,000 Tufting Department F. Applied factory overhead: . . . $80000 5,000 G. Production costs transferred from Spinning Department to Tufting Departme H. Production costs transferred from Tufting Department to Finished Goods. I. Cost of goods sold during the period $547,000 807,200 STAPLES Chapter 17 Process Cost Systems Instructions 1. Journalize the entries to record the operations, identifying each entry by letter. 2. Compute the January 31 balances of the inventory accounts. 3. Compute the January 31 balances of the factory overhead accounts. Cost of production report n heans The process begins by placin PR 17.2A