7) NYI Corporation manufactures decorative window glass in two sequential departments. These data pertain to the month of August: Department 1 $55,000 160,000 Department 2 $32,000 320,000 Direct Materials used for production Direct Labor Applied factory overhead Cost of goods completed and transferred 340,000 250,000 740,000 850,000 Required: Prepare journal entries to record these events: 1. Incurrence of direct materials and direct labor. Application of factory overhead in department 1. 2. Transfer of products from department 1 to department 2. 3. Incurrence of direct materials and direct labor. Application of factory overhead in department 2. 4. Transfer of complete products from department 2 to finished goods inventory