aunprogress=false eBook Show Me How Print llam Entries for Process Cost System Preston & Grover Soap Company manufactures powdered detergent. Phosphate is placed in process in the Making Department, where it is turned into granulars. The output of Making is transferred to the Packing Department, where packaging is added at the beginning of the process. On July 1, Preston & Grover Soap Company had the following inventories: Finished Goods $19,310 Work in Process-Maling 7,500 Work in Process--Packing 9,780 Materials 4,240 Departmental accounts are maintained for factory overhead, which both have zero balances on July 1. Manufacturing operations for July are summarized as follows: $240,520 a. Materials purchased on account b. Materials requisitioned for use: Phosphate-Making Department Packaging-Padding Department Indirect materials --Making Department Indirect materials-Packing Department Labor used: $158,880 55,260 6,220 2,230 $113,510 76,620 21,980 39,410 Direct labor-Malding Department Direct lahor --Packing Department Indirect labor-Making Department Indirect labor-Pading Department d. Depreciation charged on foxed assets: Malding Department Packing Department 0. Expired prepaid factory insurance: Making Department Pading Department 1. Applied factory overhead: Making Department $20,720 17.110 > $3,930 1.570 $54.170 1,570 f. Applied factory overhead: Making Department $54,170 59,850 Packing Department g. Production costs transferred from Making Department to Packing Department h. Production costs transferred from Packing Department to Finished Goods i. Cost of goods sold during the period $327,500 $515,430 $517,320 Required: 1. Journalize the entries to record the operations, identifying each entry by letter. If an amount box does not require an entry, leave it blank. Item Account Debit Credit Materials Accounts Payable b. Work in Process Making Department Work in Process-Packing Department Factory Overhead-Making Department Factory Overhead-Packing Department Materials C Work in Process-Making Department Work in Process Packing Department Factory Overhead-Making Department Facto Overhead-Packing Department Wages Payable d Factory Overhead-Making Department Factory Overhead-Packing Department Check My Work Factory Overhead-Making Department Factory Overhead Packing Department Accumulated Depreciation Factory Overhead-Making Department Factory Overhead-Packing Department Prepaid Insurance Work in Process Making Department Work in Process-Packing Department Factory Overhead Making Department Factory Overhead-Packing Department O Work in Process-Packing Department Work in Process-Making Department h. Finished Goods Work in Process-Packing Department L Cost of Goods Sold Finished Goods 2. Compute the July 31 balances of the inventory accounts. Materials Work in Process-Making Department Malang Department 2. Compute the balance of the factory overhead accounts required, use the minus sign to indicate a credit balance Eco Orang Department Credit y OaPadang Department Debat here are the rest of overtory maandished goods Each der has a w