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 $62,000 Work in Process-Spinning Department 35,000 Work in Process-Tufting Department 28,500 Materials 17,000 Departmental accounts are maintained for factory overhead, and both have zero balances on January 1. Manufacturing operations for January are summarized as follows: Previous Check My Work 2 more Check My Work uses remaining 0 Instructions Departmental accounts are maintained for factory overhead, and both have zero balances on January 1. Manufacturing operations for January are summarized as folows: Jan. Materials purchased on account, $500,000 2 Matoral requistioned tor use: Fiber-Spinning Department, $275,000 Carpet backing-Tuting Department, $110,000 Indirect materials-Spinning Department, $46,000 Indirect materials-Tuting Department, $39,500 31 Labor used: Direct labor-Spinning Department, $185,000 Direct labor-Tufting Department, $98,000 tructions Direct labor-Tufting Department, $98,000 Indirect labor-Spinning Department, $18,500 Indirect labor-Tufting Department, $9,000 Depreciation charged on fixed assets: 31 Spinning Department, $12,500 Tufting Department, $8,500 Expired prepaid factory insurance: 31 Spinning Department, $2,000 Tufting Department, $1,000 Applied factory overhead: 31 Spinning Department, $80,000 Tuftina Department. $55.000 Instructions Spinning Department, $80,000 Tufting Department $55,000 31 Production costs transferred from Spinning Department to Tuting Department, $547,000 31 Production costs transferred from Tufting Department to Finished Goods, $807,200 31 Cost of goods sold during the period, $795,200 Required: 1. Journalize the entries to record the operations, using the dates provided with the sunmary of manufacturing operations. Refor to the Chart of Accounts for exact wording of account tities 2. Compute the January 31 balances of the inventory accounts 3. Compute the January 31 balances of the factory overhead accounts. rt of Accounts CHART OF ACCOUNTS Port Ormond Carpet Company General Ledger ASSETS REVENUE 110 Cash 410 Sales 121 Accounts Receivable 610 Interest Revenue 125 Notes Receivable EXPENSES 126 Interest Receivable 510 Cost of Goods Sold 131 Materials Chart of Accounts EXPENSES 126 Interest Receivable 510 Cost of Goods Sold 131 Materials 520 Wages Expense 141 Work in Process-Spinning Department 531 Selling Expense 142 Work in Process-Tufting Department 532 Insurance Expense 151 Factory Overhead-Spinning Department 533 Utilities Expense 152 Factory Overhead-Tufting Department 534 Supplies Expense 161 Finished Goods 540 Administrative Expense 171 Supplies 561 Depreciation Expense-Factory 172 Prepaid Insurance 590 Miscellaneous Expense 173 Prepaid Expenses 710 Interest Expense 181 Land 191 Factory Chart of Accounts 191 Factory 192 Accumulated Depreciation-Factory LIABILITIES 210 Accounts Payable 221 Utilities Payable 231 Notes Payable 236 Interest Payable 251 Wages Payable EQUITY 311 Common Stock Chart of Accounts 221 Utilities Payable 231 Notes Payable 236 Interest Payable 251 Wages Payable EQUITY 311 Common Stock 340 Retained Earnings 351 Dividends Chart of Accounts Journal Final Questions Chart of Accounts Journal 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 of account titles ACCOUNTINGE JOURNAL ASSETS POST, RE DEBIT CREDIT DATE urnal Final Questions ma of 2. Compute the January 31 balances of the inventory accounts. Materials Work in Process: Spinning Department s .Tufting Department s Finished Goods 3 3. Compute the January 31 balances of the factory overhead accounts. Factory Overhead: Final Questions Materials 1. Work in Process: of Spinning Department s Tufting Department Finished Goods 3. Compute the January 31 balances of the factory overhead accounts 2 Factory Overhead: Spinning Department $ Tufting Department $