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 $8,610 Work in Process-Making 3,350 Work in Process-Packing 4,360 Materials 1,890 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 $107,240 b. Materials requisitioned for use: Phosphate-Making Department $70,840 Packaging-Packing Department 24,640 Indirect materials-Making Department 2,770 Indirect materials-Packing Department c. Labor used: Direct labor-Making Department $50,610 Direct labor-Packing Department 34,160 990 9,800 17,570 $9,240 7,630 $1,750 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 9. 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 700 $24,150 26,680 $146,020 $229,810 $230,650 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