Department, where packaging is added at the beginning of the process. On July 1, Preston & Grover Soap Company had the following inventories ocess in the Making Department, where it is turned into granulars. The output of Making is transferred to the Packing Finished Goods Work in Process-Making Work in Process-Packing Materials $13,500 6,790 7,350 5,100 Departmental accounts are maintained for factory overhead, which both have zero balances on July 1. Manufacturing operations for July are summarized as follows: a. Materials purchased on account b. Materials requisitioned for use Phosphate-Making Department Packaging-Packing Department $149,800 $105,700 31,300 Indirect materials-Making Department Indirect materials-Packing Department c. Labor used: Direct labor-Making Department Direct labor-Packing Department Indirect labor-Making Department Indirect labor-Packing Department d Depreciation charged on fixed assets 4,980 1,530 132,400 40,900 15,400 18,300 b. Item Indirect labor-Packing Department d. Depreciation charged on fixed assets: Making Department Packing Department e. Expired prepaid factory insurance: Making Department Packing Department f. Applied factory overhead: Making Department Packing Department g. Production costs transferred from Making Department to Packing Department h. Production costs transferred from Packing Department to Finished Goods Cost of goods sold during the period 18,300 $10,700 7,900 $2,000 1,500 $32,570 30,050 $166,790 $263,400 $265,200 Account Required: 1. Journalize the entries to record the operations, identifying each entry by letter. If an amount box does not require an entry, leave it blank. Debit Credit 000 000 100 L 000 0000 2. Compute the July 31 balances of the inventory accounts. Materials Work in Process-Making Department Work in Process-Packing Department Finished Goods 3. Compute the July 31 balances of the factory overhead accounts. Factory Overhead-Making Department s Factory Overhead-Packing Department Entries for Process Costing Preston & Grover Soap Company manufactures powdered detergent, Phosphate is placed in process in the Making Department, where it is turned into granulars. The output of Making is transferred to the Packing Department, where packaging is added at the beginning of the process. On July 1, Preston & Grover Soap Company had the following inventories Finished Goods Work in Process-Making Work in Process-Packing Materials $13,500 6,790 7,350 5,100 Departmental accounts are maintained for factory overhead, which both have zero balanced on July 1 Manufacturing operations for July are summarized as follows: Gmail YouTube Maps LancerLOGIN-Le To Do Assignment. Chapter 17 Homework Entries for Process Costing eBook Show Me How Preston & Grover Soap Company manufactures powdered detergent. Phosphate is placed in process in the Department, where packaging is added at the beginning of the process. On July 1, Preston & Grover Soap Finished Goods Work in Process-Making Work in Process-Packing Materials $13,500 6,790 7,350 5,100 Departmental accounts are maintained for factory overhead, which both have zero balances on July 1. Manufacturing operations for July are summarized as follows: a. Materials purchased on account b. Materials requisitioned for use: Phosphate-Making Department Packaging-Packing Department Indirect materials-Making Department $149,000 $105,700 31,300 4,980 Indirect materials-Packing Department c. Labor used Direct labor-Making Department Direct labor-Packing Department Indirect labor-Making Departme Indirect labor-Packing Department d. 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Compute the July 31 balances of the inventory accounts. Materials Work in Process-Making Department Work in Process-Packing Department Finished Goods 3. Compute the July 31 balances of the factory overhead accounts. Factory Overhead-Making Department s Factory Overhead-Packing Department Check My Work Assignment Score: 53.03% esc F1 1 @ 2 80 F2 F3 3 #3 F4 01 a $ 54 % 5 Q W E R