HOM Print Rom 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 $17,960 Work in Process - Making 6,980 Work in Process -Packing 9,100 Materials 3,940 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 $223,670 b. Materials requisitioned for use: Phosphate-Making Department $147,750 Packaging-Packing Department 51,390 Indirect materials-Making Department 5,780 Indirect materials-Packing Department 2,070 c. Labor used: Direct labor-Making Departme $105,560 Direct labor-Packing Department 71,250 20,440 Indirect labor-Making Department Indirect labor-Packing Department 36,650 d. Depreciation charged on fixed assets: $19,270 15,910 $3,650 1,460 Making Department Packing Department e. Expired prepaid factory insurance Making Department Packing Department 1. 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 1. Cost of goods sold during the period Required: $50,370 55,660 $304,560 $479,320 $481,070 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 11 b. Printiem b. I 1 h. 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 Credit Factory Overhead-Packing Department Debit