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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

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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 Tutting Department, where carpet backing is added at the beginning of the process and the process is completed. On January 1, Port Omond Carpet Company had the following inventories: Departmental accounts are maintained for factory overhead, and both have zero balances on January 1 . Manufacturing operations for January are summarized as follows: 1. Journalize the entries to record the operations, using the dates provided with the summary of manufacturing operations. Refor to the Chart of Accounts for exact wording of account titles. 2. Compute the January 31 balances of the inventory accounts. Enter your amounts in positive value. 3. Compute the January 31 balances of the factory overhead accounts. Enter your amounts in positive value. 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, $500,000 2 Materials requisitioned for use: Fiber-Spinning Department, \$275,000 Carpet backing-Tutting Department, $110,000 Indirect materials-Spinning Department, \$46,000 Indirect materials-Tufting Department, $39,500 31 Labor used: Direct labor-Spinning Department, $185,000 Direct labor-Tutting Department, $98,000 Indirect labor-Spinning Department, $18,500 Indirect labor-Tufling Department, $9,000 31 Depreciation charged on fixed assets: Spinning Department, $12,500 Tutting Department, $8,500 Required: 1. Joumalize 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 positivo value

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