Port Ormond Carpet Compary manutsctures carpots. Fiber is placed in process in the Spinning Department, where it is spun into yam. The output of the Spinning Department is teanstered to the Tutting Department, where carpet backing is added at the beginning of the process and the process is completed. On January 1 , Port Ormond Carpet Cornpany had the lollowing inventories: Departmental acoouns are maintained for tactory overhead, and both have zero balances on January 1. Manutacturing operations for January are summaried as follows: Jan. 1 Materials purchased on accoun, $84,700 2 Materials requistioned tor use: Fiber-Spinning Dopartment, $42,800 Carpet backing-Tufting Department, $34,000 indrect materials-Spinning Department, $3,400 indrect materids-Tufing Department. $2.700 31 Labor used: Direct labor-Spnring Department, $26,600 Direct Iaber-Tuting Department, $17,600 Direct labor-Tufting Department, $17,600 Indirect labor-Spinning Department, \$11,900 Indirect labor-Tufting Department, $11,800 31 Depreciation charged on fixed assets: Spinning Department, $5,400 Tulting Department, $4,000 31 Expired prepaid factory insurance: Spinning Department, $1,100 Tufting Department, $800 31 Applied factory overhead: Spinning Department, \$22,200 Tutting Department, \$18,950 31 Production costs translerred from Spinning Department to Tufting Department, $89,500 31 Production costs transterred from Tutting Department to Finished Goods, $151,400 31 Cost of goods sold during the period, $154,200 Required: 1. Joumaize the entries to record the operations, using the dates provided with the summary of manufacturing operations 2 Compure the lanuary 31 balances of the inventory accounts. 3. Compute the January 31 balances of the tactory ovechead accounts. 2. Compute the January 31 balances of the inventory accounts. Additional Instruction 3. Compute the January 31 balances of the factory overhead accounts