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 Work in Process-Making $14,880 5,780 Work in Process-Packing Materials 7,540 3,270 Departmental accounts are maintained for factory overhead, which both have zero balances on July 3. 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 meterials-Packing Department c. Labor used: Direct labor-Malong Department Direct labor-Packing Department Indirect labor-Making Department $165,370 $122,450 42.590 4,790 1,720 $87,480 59.050 16.940 nenaus test Indirect labor-Making Department Indirect labor-Packing Department d. Depreciation charged on fixed assets: Making Department Packing Department e. Expired prepaid factory insurance: 16,940 30,370 $15,970 13,190 Making Department Packing Department $3,030 1,210 f. Applied factory overhead: Making Department $41,750 Packing Department 46,130 9. Production costs transferred from Making Department to Packing Department h. Production costs transferred from Packing Department to Finished Goods $252.410 L. Cost of goods sold during the period $397,240 $396,700 Required: 1. Journalze the entries to record the operations, identifying each entry by letter. If an amount box does not require an entry, leave it blank Item Account Debit Credit Item Account Debit Credit h. 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