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 granul added at the beginning of the process. On July 1, Preston & Grover Soap Company had the following inventories: Finished Goods $13,500 Work in Process-Making 6,790 Work in Process-Packing 7,350 Materials 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 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: Making Department $149,800 $105,700 31,300 4,980 0 1,530 $32,400 40,900 15,400 18,300 $10,700 Indirect labor-Packing Department d. Depreciation charged on fixed assets: Making Department Packing Department e. Expired prepaid factory insurance: Making Department Packing Department 18,300 $10,700 7,900 $2,000 1,500 f. Applied factory overhead: Making Department Packing Department $32,570 30,050 g. Production costs transferred from Making Department to Packing Department $166,790 h. Production costs transferred from Packing Department to Finished Goods $263,400 i. Cost of goods sold during the period. $265,200 Required: 1. Journalize the entries to record the operations, identifying each entry by letter. For a compound transaction, if an amount box does not Account Item a. Materials Accounts Payable b. Work in Process-Making Department Work in Process-Packing Department Factory Overhead-Making Department Debit Credit eBook Item a. Materials b. Show Me How Print Item Account Debit Credit Accounts Payable Work in Process-Making Department Work in Process-Packing Department Factory Overhead-Making Department Factory Overhead-Packing Department Work in Process-Packing Department C. Work in Process-Making Department Work in Process-Packing Department Factory Overhead-Making Department Factory Overhead-Packing Department Wages Payable d. Factory Overhead-Making Department Factory Overhead-Packing Department Accumulated Depreciation E E. Factory Overhead-Making Department Factory Overhead-Packing Department Dronaid Incurance e. Factory Overhead Making Department Factory Overhead-Packing Department Prepaid Insurance 4. Factory Overhead-Making Department Factory Overhead-Packing Department Factory Overhead-Making Department Factory Overhead-Packing Department 9. Work in Process-Packing Department Work in Process-Making Department h. Finished Goods Work in Process-Packing Department i. 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 Co 0 $ Factory Overhead-Making Department Factory Overhead-Packing Department Factory Overhead-Making Department Factory Overhead-Packing Department Work in Process-Packing Department Work in Process-Making Department h. Finished Goods Work in Process-Packing Department i. 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. Factory Overhead-Making Department Factory Overhead-Packing Department Check My Work 5 more Check My Work uses remaining. 0000 Credit Debit