Cincinnati 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 the packaging is added at the beginning of the process. On July 1, Cincinnati Soap Company had the following inventories: Finished Goods $10,090 Work in ProcessMaking 3,920 Work in ProcessPacking 5,110 Materials 2,210 Departmental accounts are maintained for factory overhead, which both have zero balances on July 1. Manufacturing operations for July are summarized as follows: a. Materials purchased on account $125,620 b. Materials requisitioned for use PhosphateMaking Department $82,980 PackagingPacking Department 28,860 Indirect materialsMaking Department 3,250 Indirect materialsPacking Department 1,160 c. Labor used Direct laborMaking Department $59,290 Direct laborPacking Department 40,020 Indirect laborMaking Department 11,480 Indirect laborPacking Department 20,580 d. Depreciation charged on fixed assets Making Department $10,820 Packing Department 8,940 e. Expired prepaid factory insurance Making Department $2,050 Packing Department 820 f. Applied factory overhead Making Department $28,290 Packing Department 31,260 g. Production costs transferred from Making Department to Packing Department $171,050 h. Production costs transferred from Packing Department to Finished Goods $269,210 i. Cost of goods sold during the period $270,190 Required: 1. Journalize the entries to record the operations, identifying each entry by letter. For a compound transaction, if an amount box does not require an entry, leave it blank. Compute the July 31 balances of the inventory accounts. Materials $ Work in ProcessMaking Department $ Work in ProcessPacking Department $ Finished Goods $ 3. Compute the July 31 balances of the factory overhead accounts. If required, use the minus sign to indicate a credit balance. Factory OverheadMaking Department $ ______ Credit or Debit Factory OverheadPacking Department $ ______ Credit or Debit