Port Omond 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 $62,000 35.000 28,500 Departmental accounts are maintained for factory overhead, and both have zero balances on January 1, Manufacturing operations for January are summarized as follows: 1 Materials purchased on account, S500,000 Materials requisitioned for use: Fiber - Spinning Department, $275,000 Carpet backing - Tufting Department. $110.000 Indirect materials - Spinning Department, $46,000 Tufing Department, $8,500 31 Expired prepaid factory Insurance: Spinning Department, $2,000 Tufting Department, $1,000 31 Applied factory overhead Spinning Department, S80,000 Tutting Department, $55,000 Production costs transferred from Spinning Department to Tufting Department. $547.000 31 Production costs transferred from Tufting Department to Finished Goods, $807,200 31 Cost of goods sold during the period, 6796,200 33 Required: 3333333 1. Journalize the entries to record the operations, using the dates provided with the summary of manufacturing operations, Hofer to the Chart of Accounts for exact wording of account nines 3 333 2. Compute the January 31 balances of the inventory accounts 3. Compute the January 31 balances of the factory overhead accounts. Check My Work 2 more Check My Work uses remaining, Entries for process cost system Instructions Chart of Accounts Journal Final Questions Journal 1. Joumalize the entries to record the operations using the dates pro with me summary of manufacturing operations. Refer to the Chart of Accounts for exact wo wording of ACCOUNTING EQUATION LIABILITIES ZU Exercises & Problems Show Me How Calculator Entries for process cost system Instructions Chart of Accounts Journal Final Questions Journal Instructions Chart of Account Journal Final Questions 12. Compute the January 31 balances of the inventory accounts. Work in Process: Spinning Department HTfting Depart Finished Goods Comp. w gr bulances of the factory overhead accounts. actory Overhead ning Department Turting Department