P6-3 Cost of production summaries, three departments; departmental cost work sheet; journal entries; statement of cost of goods manufactured Akron Manufacturing Company manufactures a cement sealing compound called Ultra-Seal. The process requires that the pro- duct pass through three departments. In Dept. 1, all materials are put into production at the beginning of the process; in Dept 2, materials are put into production evenly throughout the process; and in Dept. 3, all materials are put into production at the end of the process. In each department, it is assumed that the labor and factory overhead are applied evenly throughout the process. LO1 At the end of Januaryl the production reports for the month show the following: Dept1 Dept. 2 Dept. 3 Received from prior department 30,000 10000 5000 28000 5,000 transferred 30,000 2,000 3/4 Work in process, end of month.. 10,000 1/2 1/4 The cost summary for January shows the following: Dept1 Dept. 2 Dept. 3 $23,200 14,500 14,500 $52,200 500 7,200 10,800 $40,500 $19,600 11,800 8,850 $40,250