Port Ormond Carpet Company manufactures carpets. Faber is placed in process in the Spinning Department, where it is spun into yam. 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 Finished Goods Work in Process-Spinning Department ork In Process-Tufting Department Materials 28,500 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: Jan. 1 2 Materials purchased on account, $500,000 Materials requisitioned for use: Fiber - Spinning Department, $275,000 Carpet backing - Tufting Department, $110,000 Indirect materials --Spinning Department, $46,000 31 31 Indirect materials-Spinning Department, $46,000 Indirect materials -- Tutting Department, $39,500 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 Depreciation charged on fixed assets: Spinning Department, $12,500 Tulting Department, $8,500 Expired prepaid factory insurance: Spinning Department, $2,000 Tuting Department, $1,000 Appled factory overhead Spinning Department, $80,000 Tufting Department, $55,000 Production costs transferred from Spinning Department to Tufting Department, $547,000 31 31 31 31 31 Tufting Department, S8,500 Expired prepaid factory Insurance: Spinning Department, $2,000 Tufting Department, $1,000 Applied factory overhead: Spinning Department, $80,000 Tufting Department, $55,000 Production costs transferred from Spinning Department to Tufting Department, $547,000 Production costs transferred from Tutting Department to Finished Goods, $807,200 Cost of goods sold during the period, $795,200 31 31 31 Required: 1. Journakze the entries to record the operations, using the dates provided with the summary of manufacturing operations. Hefer 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