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 Work in Process-Spinning Department Work in Process-Tufting Department Materials $8,200 1,800 2,900 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, $82,700 2 Materials requisitioned for use: Fiber-Spinning Department, $43,800 Carpet backing-Tufting Department, S34,900 Indirect materials-Spinning Department, $3,200o Indirect materials-Tufting Department, $2,800 31 Labor used: Direct labor-Spinning Department, $27,000 Direct labor-Tufting Department, $17,400 Indirect labor-Spinning Department, $11,600 Indirect labor-Tufting Department, $11,700 Depreciation charged on fixed assets: Spinning Department, $5,200 Tufting Department, $3,100 Expired prepaid factory insurance: Spinning Department, $1,500 Tufting Department, $1,000 Applied factory overhead: Spinning Department, $21,850 Tufting Department, $18,350 31 31 31 31 Production costs transferred from Spinning Department to Tufting Department, $86,000 31 31 Production costs transferred from Tufting Department to Finished Goods, $152,800 Cost of goods sold during the period, $157,900 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." Enter your amounts in positive value. CHART OF ACCOUNTS Port Ormond Carpet Company General Ledger ASSETS REVENUE 410 Sales 110 Cash 121 Accounts Receivable 125 Notes Receivable 126 Interest Receivable 131 Materials 141 Work in Process-Spinning 142 Work in Process-Tufting 151 Factory Overhead-Spinning 152 Factory Overhead-Tufting 161 Finished Goods 171 Supplies 172 Prepaid Insurance 173 Prepaid Expenses 181 Land 191 Factory 192 Accumulated Depreciation-Factory 610 Interest Revenue EXPENSES 510 Cost of Goods Sold 520 Wages Expense 531 Selling Expenses 532 Insurance Expense 533 Utilities Expense 534 Supplies Expense 540 Administrative Expenses 561 Depreciation Expense-Factory 590 Miscellaneous Expense 710 Interest Expense LIABILITIES 210 Accounts Payable 221 Utilities Payable 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 Final Questions 2. Compute the January 31 balances of the inventory accounts. Enter your amounts in positive value. Materials Work in Process: Spinning Department s 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