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 Grinding Department $5,400 8,800 Finishing Department $8,000 Direct materials Direct labor 10,000 12,000 Applied overhead 17,000 14,000 12.000 Required: 1. Calculate the costs transferred out of each department. Costs Transferred Out Molding 40,000 Grinding 68,200 Finishing 100,200 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: Work in Process-Grinding 40,000 Work in Process-Molding 40,000 Work in Process-Finishing 68,200 Work in Process-Grinding 68,200 Finished Goods 100,200 Work in Process-Finishing 100,200 Cost-added entry (Grinding only): Work in Process-Grinding 28,200 Materials 5,400 Payroll 8,800 Overhead Control 14,000 3. What if the Grinding Department had an ending WIP of $11,000? 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 $