tructions Port Ormond Carpet Company manufactures carpets Fiber is placed in process in the Spinning Department, where it is spun into yam. The output of the Spinning Department is transferred to the Tufting 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 Work in Process-Spinning Work in Process-Tufting Department Materials $8.300 2,000 2,600 4,800 Departmental accounts are maintained for factory overhead, and both have zero balances on January 1. Manufacturing operations for January are summarized as folilows: Jan Materiais purchased on account, $82,000 2 Materials requisitioned for use: Fiber-Spinning Department, $42,600 Carpet backing-Tufting Department, $34,700 Indrect materiels-Spinning Department, $3,300 Indirect materials-Tufting Department $2.900 31 Labor used: Direct labor-Spinning Depertment, $26,300 Direct labor-Tufting Department, $17.200 Show Me How Calculator Print Item Jan 1 Materials purchased on account, $82,000 2 Materials requisitioned for use: Fiber-Spinning Department, $42,600 Carpet backing-Tufting Department, $34,700 Indirect materials-Spinning Department, $3,300 Indirect materials-Tufting Department, $2,900 31 Labor used: Direct labor-Spinning Department, $26,300 Direct labor-Tufting Department, $17.200 Indirect labor-Spinning Department, $12,500 Indirect labor-Tufting Department, $11,900 Depreciation charged on fixed assets: Spinning Department, $5,300 Tufting Department, $3,100 Expired prepaid factory insurance: Spinning Department, $1,000 Tufting Department, $800 Applied factory overhead: Spinning Department, $22,400 Tufting Department, $18,250 Production costs transferred from Spinning Department to Tufting Department, $90,000 Production costs transferred from Tufting Department to Finished Goods, $153,200 Cost of goods sold during the period, $158,000 31 31 31 31 31 31 31 Cost of goods sold during the period, $158,000 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 positive value. hart of Accounts CHART OF ACCOUNTS Port Ormond Carpet Company General Ledger ASSETS REVENUE 110 Cash 121 Accounts Receivable 125 Notes Receivable 126 Interest Receivable 131 Materials 141 Work in Process-Spinning 410 Sales 610 Interest Revenue EXPENSES 510 Cost of Goods Sold 520 Wages Expense eBook Show Me How Calculator Print Item PAGE 10 JOURNAL DATE POST. REF DEBIT CREDIT 10 12 13 15 16 17 18 heck My Work more Check My Work uses remaining All work saved. 26 28 Final Questions 2. Compute the January 31 balances of the invenfory accounts Enter your amounts in positive value. Materials Work in Process: Spinning Department S Tufting DepartmentS Finished Goods 3. Compute the January 31 balances of the factory overhead accounts. Enter your amounts in positive value. Factory Overhead Spinning Department S Tufting Department $