Cost Flows Lamont Company produced 80,000 machine parts for diesel engines. There were no beginning or ending workin-process inventories in any department. Lamont incurred the following costs for May: Required: 1. Calculate the costs transferred out of each department. 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. 3. What if the Grinding Department had an ending WIP of $12,000? Calculate the cost transferred out. x Provide the journal entry that would reflect this transfer. Feedback Dheck My Work What is the effect on finished goods calculated in Requirement 1 , assuming the other two departments have no ending WIP? by $