Entries for Process Cont System 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 $25,460 Work in Process-Making 9,890 Work in Process --Packing 12,900 Materials 5,590 Departmental accounts are maintained for factory overhead, which both have zero balances on July 1. Manufacturing operations for July are summarized as follows: $317,120 a. Materials purchased on account b. Materials requisitioned for use Phosphate-Making Department Packaging-Packing Department Indirect materials-Making Department Indirect materials-Packing Department $209,480 72.860 8,200 2,940 $149,660 101,020 28,980 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 Making Department 51,960 $27,320 --- Orange 101UZU Indirect labor Making Department 28,980 Indirect labor-Packing Department 51,960 d. Depreciation charged on fixed assets Making Department $27,320 Packing Department 22,560 e. Expired prepaid factory insurance Making Department $5,180 Packing Department 2,070 1. Applied factory overhead Making Department $71,420 Packing Department 78,910 9. Production costs transferred from Making Department to Packing Department 5431,800 h. Production costs transferred from Packing Department to Finished Goods $679,580 Cost of goods sold during the period $682,070 Required: 1. Journalize the entries to record the operations, identifying each entry by tetter. For a compound transaction, if an amount box does not require an entry, leave it blank Item Account Debit Credit 1. Journalize the entries to record the operations, identifying each entry by letter. For a compound transaction, if an amount box does not require an entry, leave it blank. Item Account Debit Credit a h. 'P .. 101 II II III U12 III 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. If required, use the minus sign to indicate a credit balance. Factory Overhead-Making Department Factory Overhead-Packing Department