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 Direct materials Direct labor Applied overhead Finishing Department $8,000 12,000 11,000 8.800 14,000 Required: 1. Calculate the cost tranferred out of each department Costs Transferred Out Moland Grinding Finishing 2. Prere the journal entres corresponding to these transfers. Also, prepare the journal entry for Grinding that reflects the costs added to the tranferred in goods received from og for a comparation amount box does not an entry, leave it blank w eBook Print item Transfer entries I. QII. Cost-added entry (Grinding only 3. What if the Grinding Department had an ending WIP of $12,000? Calculate the cost transferred out, Provide the journal entry that would rect this transfer What is the effect on the goods acted in Reutrement 1, assuming the other to departments have no ending WIP