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: Direct materials Direct labor Applied overhead Required: Molding Department Grinding Finishing Department Department $12,000 $5,300 10,000 8,500 17,000 14,000 $8,000 12,000 11,000 1. Calculate the costs transferred out of each department. Molding Grinding Finishing Costs Transferred Out 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: Check My Work 3 more Check My Work uses remaining. Next>> tmail Instructor Save and Exit Submit Assignment for Grading