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 Omond Carpet Company had the following inventories: Finished Goods Work in Process-Spinning Department Work in Process-Tulting Department Materials $8,300 2,000 2,600 4.800 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, $82,000 2 Materials requisitioned for user Fiber-Spinning Department, $42,000 Carpet backing Tufting Department, $34,700 Indirect materiais Spinning Department, $3,300 Indirect materials-Tuting Department, $2,900 31 Labor used Direct labor-Spinning Department, $26,300 Direct labor-Tufting Department, $17,200 Check My Work Previous All work saved. Email Instructor Save and Exit Submit Assignment for Grading Instructions 31 Direct labor-Tutting Department, $17.200 Indirect labor-Spinning Department. $12.500 Indirect labor-Tufting Department. $11,900 Depreciation charged on foxed assets: Spinning Department, $5,300 Tufting Department, $3,100 31 Expired prepaid factory insurance Spinning Department, $1,000 Tulting Department, $800 31 Applied factory overhead Spinning Department, $22,400 Tufting Department, 518,250 Production costs transferred from Spinning Department to Tufting Department. $90.000 31 Production costu transferred trom Tuhting Department to Finished Goods, 8153,200 31 Cost of goods soll during the perlod, 6158,000 31 Required: 1. Journalize the entries to record the operations, using the dates provided with the sum of manufacturing operations. Refer to the chart of accounts for the exact wording of the accountries. CNOW Journals do not use lines for spaces or journal explanations. Every ine on a journal pange is used for debitor credit entrios. Do not add explanations or skip a ino between joumal entries. CNOW journals will automatically indent Chart of Accounts CHART OF ACCOUNTS Port Ormond Carpet Company General Ledger REVENUE 410 Sales 610 Interest Revenue ASSETS 110 Cash 121 Accounts Receivable 125 Notes Receivable 126 Interest Receivable 131 Materials 141 Work in Process-Spinning Department 142 Work in Process-Tufting Department 151 Factory Overhead-Spinning Department 152 Factory Overhead-Tufting Department 161 Finished Goods 171 Supplies 172 Prepaid Insurance 173 Prepaid Expenses 189 Land 191 Factory EXPENSES 510 Cost of Goods Solid 520 Wages Expense 531 Seling Expenses 532 Insurance Expense 633 Ulities Expense 534 Supplies Expense 540 Administrative Expenses 561 Depreciation Expense-Factory 590 Miscellaneous Expense 710 Interest Expense Check My Work Previous All work saved, Emad instructor Save and Exit Submit Assignment for Grading Chart of Accounts 171 Supplies 172 Prepaid Insurance 173 Prepaid Expenses 181 Land 191 Factory 192 Accumulated Depreciation Factory 340 noministrative expenses 561 Depreciation Expense-Factory 590 Miscellaneous Expense 710 Interest Expense LIABILITIES 210 Accounts Payable 221 Utilities Payable 231 Notes Payable 236 Interest Payable 251 Wages Payable EQUITY 311 Common Stock 340 Retained Earnings 351 Dividends 390 Income Summary Check My Work All work saved. Email Instructor Save and Exit Submit Assige Entries for process cost system Instruction Chart of Accounts Journal Final Quotions Instructions Journal JOURNAL ACCOUNTING EQUATION DATE DESCRIPTION POSTRE DEBIT CREDIT ASSETS LIABILITIES EQUITY 30 11 12 11 Check My Work Previous All work saved Email Instructor Save and Exit Submit Assignment for Grading Entries for process cost system Instruction Chart of Accounts Journal Final Questions Instructions Journal . 34 21 20 21 21 21 21 25 Check My Work All work saved Email Instructor Save and Exit Submit Assignment for Grading Final Questions 8 2. Computo the January 31 balances of the inventory accounts. Enter your amounts in positive value Materials Work in Process: Spinning Department Tufting Department Finished Goods 3. Compute the January 31 balances of the factory overhead accounts. Enter your amounts in positive value Factory Overhead Spinning Department Tufting Department heck My Work Previous All work saved. Email Instructor Save and Exit Submit Assignment for Grading