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$62,000Work in Process-Spinning Department35,000Work in Process-Tufting Department28,500Materials17,000Departmental accounts are maintained for factory overhead, and both have zero balances on January 1. Manufacturing operations for January are summarized as follows:

Jan.1Materials purchased on account, $500,0002Materials requisitioned for use:Fiber-Spinning Department, $275,000Carpet backing-Tufting Department, $110,000Indirectmaterials-SpinningDepartment, $46,000Indirect materials-Tufting Department, $39,50031Labor used:Direct labor-Spinning Department, $185,000Direct labor-Tufting Department, $98,000Indirect labor-Spinning Department, $18,500Indirect labor-Tufting Department, $9,00031Depreciation charged on fixed assets:Spinning Department, $12,500Tufting Department, $8,50031Expired prepaid factory insurance:Spinning Department, $2,000Tufting Department, $1,00031Applied factory overhead:Spinning Department, $80,000Tufting Department, $55,00031Production costs transferred from Spinning Department to Tufting Department, $547,00031Production costs transferred from Tufting Department to Finished Goods, $807,20031Cost of goods sold during the period, $795,200

. Compute the January 31 balances of the inventory accounts. Enter your amounts in positive value.

MaterialsDebit WorkinProcess:SpinningDepartmentDebit Tufting DepartmentDebit Finished GoodsDebit

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3. Compute the January 31 balances of the factory overhead accounts. Enter your amounts in positive value.

FactoryOverhead:SpinningDepartmentCredit Tufting DepartmentDebit

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