Port Ormond Carpet Company manutectures carpets Fiber is placed in process in the Spiring Department, where it is spun into yam 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 inventoren $6.200 1.100 Finished Goods Work in Process Spinning Department Work in Process Tutting Department Materials 2,700 4200 Departmental accounts are maintained for factory overhead, and both have zero balances on January 1 Manutacturing operations for January are summaced as follows Jan 1 2 Materials purchased on account, $81,200 Materials requisitioned for use Fiber-Spinning Department, 543,000 Carpet backing Turting Department $34 200 Indirect materials Spinning Department, $3,500 Indirect materiais-Tutting Department 52,800 Labor used Direct labor-Spinning Department, $27.600 31 31 31 31 Labor used Direct labor-Spinning Department, $27,600 Direct labor-Tufting Department, $17,900 Indirect labor-Spinning Department, $11,800 Indirect labor Tufting Department, $11,700 Depreciation charged on fixed assets. Spinning Department, $5,300 Tufting Department, $3,700 Expired prepaid factory insurance Spinning Department, $1,300 Tufting Department, S1, 100 Applied factory overhead Spinning Department $22 200 Tufting Department, $18,950 Production costs transferred from Spinning Department to Tufting Department, $86,000 Production costs transferred from Tufting Department to Finished Goods, $150,400 Cost of goods sold during the period. $153.400 31 31 31 31 Required: 1. Journalze the entries to record the operations, using the dates provided with the summary of manufacturing operations. Refer to the chart of accounts for the exact wording of the account titles CNOW journals do not use lines for spaces or journal explanations. Every line on a journal page is used for debitor credit entries. Do not add explanations or skip a dine between jouma entries CNOW journals will automatically ident a credit entry when a credit amount is entered 2. Compute the January 31 balonces of the inventory accounts 3. Compute the January 31 balances of the factory overhead accounts." "Enter your amounts in positive value