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 59.350 Work in Process-Making 3,630 Work in Process-Packing 4,730 Materials 2,050 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 I $116,430 b. Materials requisitioned for use Phosphate-Making Department $76,910 Packaging-Packing Department 26,750 Indirect materiais - Making Department 3.010 Indirect materials-Packing Department 1,000 cLabor used Direct labor-Making Department $54,950 Direct labor-Packing Department 37,090 10,640 19,080 $10,030 8,280 $1,900 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 I 9. Production costs transferred from Making Department to Packing Department n. Production costs transferred from Packing Department to Finished Goods 1. Cost of goods sold during the period 760 $26,220 28,970 $158,540 $249,510 $250,420 Required: 1. Journalize 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 I d. e MI f. I g. h. 2. Compute the July 31 balances of the Inventory accounts Materials Work In Process-Making Department Work in Process-Packing Department SI 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 5