Greyson Grinding Company produces an abrasive powder in a grinding process. This process had an inventory at the beginning of February, to which Greyson had assigned the following costs:

Direct tate rials aicscccercsecsersecccscceccteeosccreessteestoveastenvuvcscastetstetoctconcouteneeteeeacnartaceetcetterctenteeieeettens $6,700 GOV ENSION sesssc sce, cvesacassaceassaars cannassegstsgadhcsssusascgesasndenassuseaser=sncacassnassaneoas cased suaertucrstancermeen terres 760 Total beginning goods-in-process inventory balance..........ecsssssesneesnecsnsesnsesnsensees $7,460 Greyson added the following additional costs to the Goods-in-Process Inventory account during February:

Greyson added direct materials at the beginning of processing. It completed and transferred 16,000 bags of powder to the finished goods inventory during February. At the end of February, 2,000 bags of powder were unfinished (40% processed).

Required: (1) Prepare the schedules that Greyson would include on its process cost sheet to assign the total costs accumulated in the Goods-in-Process Inventory account at the end of February to the completed and the unfinished bags of powder.

(2) Using T-accounts, record the transfer of the costs of completed bags of powder from the Goods-in-Process Inventory account to the Finished Goods Inventory account. TLK=2