Question 3 (12 points) A Company uses a process costing system for its single product. There are two processing departments: preparation and packing. The T-accounts show the flow of costs through the two departments in May: Work in Process - Preparation Department Balance, May 1 2,500 Transferred out 50,000 Direct materials 15,000 Direct labour 20,000 Manufacturing overhead 30,000 Work in Process - Packing Department Balance, May 1 1,250 Transferred out 45,000 Transferred in 50,000 Direct labour 5,000 Manufacturing overhead 10,000 Required: Prepare the journal entries to record the flow of costs through the two processing departments during May. (12 marks) Paragraph V BIUA Ev +