21 10 points 8 01:35:48 References QS 16-20 (Algo) Transfer of costs; ending WIP balances LO P4 Azule Company manufactures in two sequential processes, Cutting and Binding. The two processes report the information below for a recent month. Beginning work in process inventory Costs added this period Cutting $ 4,395 Binding $ 8,196 Direct materials Conversion 8,440 12,900 7,968 18,875 Transferred from Cutting to Binding $ 15,970 31,000 Transferred from Binding to finished goods Determine the ending balances in the Work in Process Inventory accounts for Cutting and for Binding. Hint. Set up T-accounts for Work in Process Inventory for both Cutting and for Binding. Ending work in process inventory Cutting Binding