Cost Flows Lamont Company produced 80,000 machine parts for diesel engines. There were no beginning or ending work-in-process inventories in any department. Lamont incurred the following costs for May: Molding Department $13,000 10,000 17,000 Grinding Department $5,200 8,800 14,000 Finishing Department $8,000 12,000 11,000 Direct materials Direct labor Applied overhead Required: 1. Calculate the costs transferred out of each department. Costs Transferred Out Molding Grinding Finishing 2. Prepare the journal entries corresponding to these transfers. Also, prepare the journal entry for Grinding that reflects the costs added to the transferred-in goods received from Molding. For a compound transaction, if an amount box does not require an entry, leave it blank. Transfer entries: 2. Prepare the journal entries corresponding to these transfers. Also, prepare the journal entry for Grinding that reflects the costs added to the transferred-in goods received from Molding. For a compound transaction, if an amount box does not require an entry, leave it blank. Transfer entries: Cost-added entry (Grinding only): 1111 1111 3. What if the Grinding Department had an ending WIP of $12,000? Calculate the cost transferred out. Check My Work Nayt 3. What if the Grinding Department had an ending WIP of $12,000? Calculate the cost transferred out. Provide the journal entry that would reflect this transfer. What is the effect on finished goods calculated in Requirement 1, assuming the other two departments have no ending WIP? by $