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 $6,500 Work in Process-Spinning Department 1,200 Work in Process-Tufting Department Materials 2,300 4,100 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, $84,700 2 Materials requisitioned for use: 31 Fiber-Spinning Department, $42,800 Carpet backing-Tufting Department, $34,000 Indirect materials-Spinning Department, $3,400 Indirect materials-Tufting Department, $2,700 Labor used: Direct labor-Spinning Department, $26,600 Direct labor-Tufting Department, $17,600 Indirect labor-Spinning Department, $11,900 Indirect labor-Tufting Department, $11,800 31 Depreciation charged on fixed assets: 31 Spinning Department, $5,400 Tufting Department, $4,000 Expired prepaid factory insurance: Spinning Department, $1,100 Tufting Department, $800 31 Applied factory overhead: Spinning Department, $22,200 Tufting Department, $18,950 31 Production costs transferred from Spinning Department to Tufting Department, $89,500 31 Production costs transferred from Tufting Department to Finished Goods, $151,400 31 Cost of goods sold during the period, $154,200 Required: 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 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.* *Enter your amounts in positive value. 2. Compute the January 31 balances of the inventory accounts. Enter your amounts in positive value. Materials Work in Process: $ Spinning Department $ Tufting Department $ Finished Goods $ 3. Compute the January 31 balances of the factory overhead accounts. Enter your amounts in positive value. Factory Overhead: Spinning Department $ Tufting Department $