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 $6,000 Work in Process-Spinning Department 1,300 Work in Process-Tufting Department 2,100 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, $81,300 2 Materials requisitioned for use: FiberSpinning Department, $42,000 Carpet backingTufting Department, $34,000 Indirect materialsSpinning Department, $3,300 Indirect materialsTufting Department, $2,500 31 Labor used: Direct laborSpinning Department, $26,800 Direct laborTufting Department, $18,700 Indirect laborSpinning Department, $11,500 Indirect laborTufting Department, $11,700 31 Depreciation charged on fixed assets: Spinning Department, $5,300 Tufting Department, $3,300 31 Expired prepaid factory insurance: Spinning Department, $1,200 Tufting Department, $1,100 31 Applied factory overhead: Spinning Department, $21,700 Tufting Department, $18,400 31 Production costs transferred from Spinning Department to Tufting Department, $86,500 31 Production costs transferred from Tufting Department to Finished Goods, $153,600 31 Cost of goods sold during the period, $155,200 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.