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 $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: $149,800 $105,700 31,300 4,980 1,530 $32,400 40,900 15,400 18,300 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 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 $10,700 7,900 $2,000 1,500 $32,570 30,050 $166,790 $263,400 $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 require an entry, leave it blank. Item Account Debit Credit a. b. c Id. e. h. 2. Compute the July 31 balances of the inventory accounts. Materials Work in Process-Making Department Work in Process-Packing Department Finished Goods Call 3. Compute the July 31 balances of the factory overhead accounts. Factory Overhead-Making Department Factory Overhead-Packing Department