Lamont Company produced 80,000 machine parts for diesel engines. There were no beginning or ending work-in-process inventories in any department. Lamont incurred the following costs for May: 2. Prepare the journal entries corresponding to these transfers. Also, prepare the journal entry for Grinding that reflects the costs added to the transferred-in goods received from Molding. 3. What if the Grinding Department had an ending WIP of $12,000 ? Calculate the cost transferred out and provide the journal entry that would reflect this transfer. What is the effect on finished goods calculated in Requirement 1 , assuming the other two departments have no ending WIP