Entries for Process Cost System Preston & Grover Soap Company manufactures powdered detergent. Phosphate is placed in process in the Malking Department, where it is turned into granulars. The output or 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 $5,290 Work In Process Making 2,060 Work in Process-Packing 2,680 Materials 1,160 Departmental accounts are maintained for factory overhead, which both have rero balances on 3y 1. Manufacturing operations for July are summarired as follows: a. Materials purchased on account $65,880 b. Materials requisitioned for use Phosphate-Making Department 520 Packaging-Pacing Department 13,140 Indirect materials-Maling Department 1,700 Indirect materials-Packing Department 610 Labor used Direct labor-Making Department $31,090 Direct labor-Packing Department 20,980 Indirect labor-Making Department 6,020 Indirect laboracking Department 10,790 d. Depreciation charged on fixed assets Making Department $5.680 eBook d. Deprecation charged on foxed assets Making Department $5,680 Packing Department 4,690 e. Expired prepaid factory Insurance Making Department $1,080 Packing Department 430 Applied factory overhead Making Department $14,840 Packing Department 16,390 2. Production cost transferred from Making Department to Packing Department $89,700 h. Production costs transferred from Packing Department to Finished Goods $141,170 1. Cost of goods sold during the period $141,690 Required: 1. Joumalize 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 Credit Debit 149,800 x Materials Accounts Payable 329,380 b. 217,580 X 75,680 x Work in Process Making Department Work in Process Packing Department Factory Overhead Maling Department Factory Overhead-Packing Department Materials 3,510 X 3,050 X 304,820 X eBook 3, EX 7-16 EXCEL Show Me How . Work in Process Making Department Work in Process-Packing Department 30 Factory Overhead-Making Department Factory Overhead-Packing Department Wages Payable d. Factory Overhead-Making Department Factory Overhead-Packing Department Accumulated Depreciation e Factory Overhead-Making Department Factory Overhead Packing Department Prepaid Insurance Work in Process-Making Department Work in Process Packing Department Factory Overhead-Making Department Factory Overhead-Packing Department Work in Process-Packing Department Work in Process Making Department h Finished Goods Check My Work eBook Show Me How Work in Process Making Department h Finished Goods Work in Process-Packing Department Cost of Goods Sold Finished Goods 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 Credit Factory Overhead--Packing Department ull Debit