Color Tile produces its product in two processing departments: Forming and Finishing. The following T-account shows the Forming Department's Work in Process Inventory at May 31 prior to completing the five-step process costing procedure:

2. Assume that after using the five-step process costing procedure, the company determines that the "cost to be assigned to units completed and transferred out" is $ 243,400. What journal entry is needed to record the transfer of costs to the Finishing Department? (Record debits first, then credits. Exclude explanations from any journal entries.)

3. After the journal entry is made, what will be the new ending balance in the Forming Department's Work in Process Inventory account? Enter the transaction that affects the T-account and calculates the new ending balance in the Forming Department's Work in Process Inventory account. Remember to enter the labels and amounts on the correct debit or credit side of the T-account.

i Data Table Work in Process Inventory-Forming Department Beginning balance $ 53,600 Direct materials used 78,300 Direct labor 14,900 Manufacturing overhead allocated 126,000 1. What is the Forming Department's "Total costs to account for" for the month of May? Identify the labels and calculate the total costs to account for. Total costs to account for 1. What is the Forming Department's "Total costs to account for" for the month of May? Identify the labels and calculate the total costs to account for. Beginning balance Completed and transferred costs Direct labor Direct materials used Manufacturing overhead allocated process costing procedure, the company determir 2. Assume that after using the five-step process costing procedure, the company determines that the "cost to be Journal Entry Date Accounts Debit Credit 2. Assume that after using the five-step process costing procedure, the company determines that the "cost to Journal Entry Date Accounts Debit Credit Direct Labor Direct Materials Finished Goods InventoryFinishing Department 3. After the journ Finished Goods InventoryForming Department Manufacturing Overhead Enter the transa Work in Process InventoryFinishing Department Work in Process InventoryForming Department je Forming Department's Work in ng balance in the Forming Departr ent 3. After the journal entry is made, what will be the new ending balance in the Forming Department's Wo Enter the transaction that affects the T-account and calculate the new ending balance in the Forming De Work in Process Inventory-Forming Department Beginning balance Direct labor Direct materials used Ending balance Manufacturing overhead allocated Transferred to Finishing Work in process inventory Work in Process Inventory-Forming Department