Preston & Grover Soap Company manufactures powdered detergent. Phosphate is placed in process in the Making Department, where it is turned into grai 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 So Company had the following inventories: Finished Goods Work in Process-Making Work in Process-Packing Materials $21,030 8,170 10,650 4,620 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 b. Materials requisitioned for use: Phosphate-Making Department Packaging-Packing Department Indirect materials-Making Department Indirect materials-Packing Department c. Labor used: $261,970 2. Compute the July 31 balances of the inventory accounts. Materials 24,150 $173,050 Work in Process-Making Department 60,190 Work in Process-Packing Department 6,770 Finished Goods 18,970 2,430 3. Compute the July 31 balances of the factory overhead accounts. Direct labor-Making Department Direct labor-Packing Department Indirect labor-Making Department Factory Overhead-Making Department $123,630 Factory Overhead-Packing Department 83,450 23,940 Indirect labor-Packing Department 42,920 d. Depreciation charged on fixed assets: Making Department $22,570 Packing Department 18,640 e. Expired prepaid factory insurance: Making Department Packing Department f. Applied factory overhead: Making Department Packing Department g. Production costs transferred from Making Department to Packing Department h. Production costs transferred from Packing Department to Finished Goods i. Cost of goods sold during the period $4,280 1,710 $59,000 65,190 $356,710 $561,390 $563,450 Credit Debit