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 $15,010 Work in Process-Making 5,830 Work in Process-Packing 7,600 Materials 3,290 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 $186,900 b. Materials requisitioned for use: Phosphate-Making Department $123,460 Packaging-Packing Department 42,940 Indirect materials-Making Department 4,830 Indirect materials-Packing Department 1,730 c. Labor used: Direct labor-Making Department $88,210 Direct labor-Packing Department 59,540 Direct labor-Packing Department 59,540 Indirect labor-Making Department 17,080 Indirect labor-Packing Department 30,620 d. Depreciation charged on fixed assets: Making Department $16,100 Packing Department 13,300 e. Expired prepaid factory insurance: Making Department $3,050 Packing Department 1,220 f. Applied factory overhead: Making Department $42,090 Packing Department 46,510 g. Production costs transferred from Making Department to Packing Department $254,490 h. Production costs transferred from Packing Department to Finished Goods $400,530 i. Cost of goods sold during the period $401,990 Required: 1. Journalize 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 Debit Credit a. d. d. g. h. g. h. i. 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 $