Journal Entries, Basic Cost Flows Chart of Accounts ! Journal Conceptual Connection Instructions In December, Davis Company had the following cost flows. Molding Department Grinding Department Finishing Department Direct materials $112,500 330,900 $17,900 Direct labor 8,800 14,400 11,600 Applied overhead 8,300 60,400 11,100 Transferred in cost From Molding 129,600 From Grinding 235,300 Total cost $129,600 $235,300 $275,900 Required: 1. Prepare the journal entries to transfer costs from (a) Molding to Grinding, (b) Grinding to Finishing, and (c) Finishing to Finished Goods 2. CONCEPTUAL CONNECTION Explain how the journal entries differ from a job-order cost system Prepare the Dec 31 omlentes to transfer costrom (Moing to d o Grinding to Finishing and Fishing to shed Good for to the Chart of Accounts for the exact wording of account Ostated GENERAL ORN ng Points: 0115