eor Process Cost System reston& Grover Soap Company manufactures powdered detergent. Phosphate is placed in process in the aking 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 Company had the following inventories: , Preston & Grover Soap Finished Goods Work in Process-Making 11,570 Work in Process-Packing 15,080 Materials Departmental accounts are maintained for factory overhead, which both have zero balances on July 1. $29,770 6,530 Manufacturing operations for July are summarized as follows: a. Materials purchased on account b. Materials requisitioned for use: $370,740 Phosphate-Making Department Packaging-Packing Department Indirect materials-Making Department Indirect materials-Packing Department $244,900 85,180 9,580 3,440 c Labor used: Direct labor-Making Department $174,970 abor used: Direct labor-Making Department Direct labor-Packing Department Indirect labor-Making Department Indirect labor-Packing Department $174,970 118,100 33,880 60,740 d. Depreciation charged on fixed assets: Making Department $31,940 26,380 Packing Department e. Expired prepaid factory insurance: Making Department Packing Department E. Applied factory overhead: Making Department Packing Department $6,050 2,420 g. Production h. Production i. Cost of goods sold during the period $83,490 92,250 Packing Department $504,810 costs transferred from Packing Department to Finished Goods $794,490 costs transferred from Making Department to $797,390 umalize the entries to record the operations, identifying each entry by letter. ransaction, if an amount box does not require an entry, leave it blank Debit Credit Item Account a. 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 $ 1 more Check My Work uses remaining