Entries for Process Cost 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 $6,030 Work in Process-Making 2,340 Work in Process-Packing 3,050 Materials 1,320 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 $75,070 b. Materials requisitioned for use Phosphate-Making Department $49,590 Packaging --Packing Department 17,250 Indirect materials-Making Department 1,940 Indirect materials --Packing Department 700 c. Labor used Direct labor-Making Department $35,430 Direct labor-Packing Department 23,910 Indirect labor-Making Department 6,860 Indirect labor--Packing Department 12,300 d. Depreciation charged on fixed assets Making Department $6,470 - Virtual Room ACG 2071-2205 6,860 12,300 $6,470 5,340 eBook Show Me How Calculator Indirect labor-Making Department 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 I. Cost of goods sold during the period Required: $1,230 490 $16,910 18,680