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 $62,000 35,000 28,500 17,000 Finished Goods Work in Process-Tufting Department Materials ve zero balances on January 1. Manufacturing operations for Ja as follows 1 Materials purchased on account s500,000 2 Materials requisitioned for use Jan Fiber-Spinning Department, $275,000 Carpet backing-Tufting Department, $110,000 Department, $46,000 Indirect materials-Tufting Department, $39,500 Previous 2 more Check My Work uses remaining 3:53 PM 31 Labor used Direct labor-Spinning Department, $185,000 Direct labor-Tufting Department, $98,000 Indirect labor-Spinning Department, $18,500 Indirect labor-Tufting Department, $9,000 31 Depreciation charged on fixed assets Spinning Department, $12,500 Tufting Department, $8,500 Expired prepaid factory insurance Spinning Department, $2,000 Tufting Department, $1,000 Applied factory overhead Spinning Department, $80,000 Tufting Department, $55,000 31 31 31 Production costs transferred from Spinning Department to Tufting Department, $547,000 31 Production costs transferred from Tufting Department to Finished Goods, $807,200 Previous 2 more Check My Work uses remaining 353 PM ^) 2/10/2019 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, S795.200 Required 1. Jounalize e 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 2 more Check My Work uses remaining Ai