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 transferred to the Packing Department, where pedaging 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 Work in Process-Packing Materials $13.500 6.790 7.350 5.100 Departmental accounts are maintained for factory both have balances on July 1. Manufacturing operations for July are summarized as Materials purchased on account b. Materials requisitioned for use Phosphate-Making Department Packaging-Packing Department Indirect material Department Indirect material Packing Department Labor used Direct laborang Department Direct labor-Packing Department Indirect laboral Department Indirect laboracing Department d. Depreciation charged on fored Ming Department Pachecat Maling Department Packing Department . 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 $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, an amount box does not require an entry leave it blank. Item Account Debit Credit 2. Compute the July 31 balances of the inventory accounts. Materials Work in Process-Making Department Work in Process--Packing Department Finished Goods EVE 3. Compute the July 31 balances of the factory overhead accounts. Factory Overhead-Making Departments Factory Overhead-Packing Department