2. Determine the amount of cost that should be assigned to the ending work in process and finished goods Inventories. Materials Conversion Total Cost of ending work in process inventory $ 0 Cost of finished goods inventory 3. Prepare the necessary correcting journal entry to adjust the work in process and finished goods Inventories to the correct balances as of December 31. (Round Intermediate calculations to 2 decimal places.) View transaction list Journal entry worksheet A Record the entry to adjust the work in process and finished goods inventories Note: Enter debits before credits. Event General Journal Debit Credit