Entries for Process Costing 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 Work in Process-Making Work in Process-Packing Materials $11,560 4,490 5,860 2,540 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 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 $144,010 $95,130 33,090 3,720 1,330 $67,960 Direct labor-Packing Department 45,870 Indirect labor-Making Department 13,160 Indirect labor-Packing Department 23,590 d. Depreciation charged on fixed assets: Making Department $12,410 Packing Department 10,250 e. Expired prepaid factory insurance: Making Department Packing Department $2,350 940 f. Applied factory overhead: Making Department $32,430 Packing Department 35,830 g. Production costs transferred from Making Department to Packing Department $196,080 h. Production costs transferred from Packing Department to Finished Goods $308,600 i. Cost of goods sold during the period $309,730 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 a. b. C. d. e. f. Account Debit Credit 08000 000 000 1000 000 100 000 i. h. g. f. 11 11 11 1111 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. If required, use the minus sign to indicate a credit balance. Factory Overhead-Making Department Factory Overhead-Packing Department $