5. TWO DEPARTMENTS, JOURNAL ENTRIES WITH SUPPORTING CALCULATION WEIGHTED AVERAGE. Materials inventory..... $15.000 Work-rr-process-Department 1 (0,000 units, 25% finished) Direct materials... 11,500 Conversion costs... 18.750 Work-n-process-Department 2 (3,500 units, 35% finished) 41.000 Finished goods inventory 14,000 units @ $12.50). 50.000 During August, the following transactions occurred: 1. Purchased materials on account, $58.0XX). 2. Placed $63.300 (16,000 units) of materials into process in Department 1. 3. Distributed total payroll costs: 583,770 of direct labor to Department 1.542,300 of direct labor to Department 2. and $19.100 of indirect labor to Manufacturing Overhead. 4. Incurred other actual manufacturing overhead costs, $21,200. (Credit Other Accounts.) 5. Applied overhead to the two processing departments: Department 1.521.080. Department 2. $17.900. 6. Transferred 20.000 completed units from Department I to Department 2. The 2/X0 units remaining in Department I were 30% completed with respect to conversion costs. Required a. Record the August transactions in general journal form for Department 1 and Department 2. b. Prepare a product cost report (with its supporting calculations) for Department 1. c. Prepare a product cost report (with its supporting calculations) for Department 2. d. Determine the balances remaining in the Materials Inventory account, in each work-in-process account, and in the Finished Goods Inventory account