Making a journal entry to transfer a by-product to inventory. Each week the Willis Company accumulates the by-product arising from its manufacturing process and transfers it to a storage area. The by-product is recorded at its estimated value at the time of removal, and the value is credited to Work in Process. On May 7, 19X8, a quantity of the by-product with an estimated value of $150 was removed from factory operations. Give the entry in general journal form to record the transfer from factory operations to inventory.