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 $8,200 Work in Process-Spinning Department 1,800 Work in Process-Tufting Department 2,900 Materials 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. 1 Materials purchased on account, $82,700 2 Materials requisitioned for use: Fiber-Spinning Department, $43,800 Carpet backing-Tufting Department, $34,900 Indirect materials-Spinning Department, $3,200 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 31 Depreciation charged on fixed assets: Spinning Department, $5,200 Tufting Department, $3,100 31 Expired prepaid factory insurance: Spinning Department, $1,500 Tufting Department, $1,000 31 Applied factory overhead: Spinning Department, $21,850 Tufting Department, $18,350 31 Production costs transferred from Spinning Department to Tufting Department, $86,000 31 Production costs transferred from Tufting Department to Finished Goods, $152,800 31 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. 2. Compute the January 31 balances of the inventory accounts. 3. Compute the January 31 balances of the factory overhead accounts.