E5.28 LO 5.2 5.3 Weighted average versus FIFO; journal entry: manufacturer Baker Industries manufactures metal stamped products. On 1 July, Baker's stamping department had no work in process inventory due to the implementation of a just-in-time inventory system. On 31 July, the following journal entry was made to record the cost of goods completed and transferred out of the stamping department: Finished goods inventory Work in process inventory: stamping department The company uses weighted average process costing. Required $410000 $410000 What would the amount have been in the journal entry above if Baker Industries had used the FIFO method of process costing? Explain why.