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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: $13,500 Finished Goods Work in Process ---Making Work in Process--Packing Materials 6,790 7,350 5,100 Departmental accounts are maintained for factory overhead, which both have zero balances on July 1. Manufacturing operations for July are summarized as follows: $149,800 a. Materials purchased on account b. Materials requisitioned for uses Phosphate-Making Department Packaging-Packing Department Indirect materiais- Making Department $105,700 31,300 4,90 1530 Indirect material Packing Department Previous Next a. Materials purchased on account b. Materials requisitioned for use: $149,800 $105,700 Phosphate-Making Department Packaging-Packing Department Indirect materials--Making Department Indirect materials-Packing Department 31,300 4,980 C. Labor used: 1,530 Direct labor-Making Department $32,400 40,900 Direct labor-Packing Department Indirect labor-Making Department Indirect labor-Packing Department 15,400 18,300 d. Depreciation charged on fixed assets: Making Department $10,700 Packing Department 7,900 e. Expired prepaid factory insurance: Making Department $2,000 Packing Department 1,500 f Applied factory overhead: Direct labor-Making Department $32,400 Direct labor-Packing Department 40,900 15,400 Indirect labor-Making Department Indirect labor-Packing Department 18,300 d. Depreciation charged on fixed assets: Making Department $10,700 Packing Department 7,900 e. Expired prepaid factory insurance: Making Department $2,000 Packing Department 1,500 f. Applied factory overhead: Making Department $32,570 Packing Department 30,050 g. Production costs transferred from Making Department to Packing Department $166,790 h. Production costs transferred from Packing Department to Finished Goods $263,400 1. Cost of goods sold during the period $265,200 eBook Show Me How Print Item C. d. III III IIII e. III II h. 9. . II II II III II II II II III 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