Required information [The following information applies to the questions displayed below.] The November production of MVP's Minnesota Division consisted of batch P25 (3,000 professional basketballs) and batch S33 (5,000 scholastic basketballs). Each batch was started and finished during November, and there was no beginning or ending work in process. Costs incurred were as follows: Direct Material: Batch P25, $81,000, including $6,500 for packaging material; batch S33, $70,000. Conversion Costs: Preparation Department, predetermined rate of $6.40 per unit; Finishing Department, predetermined rate of $5.00 per unit; Packaging Department, predetermined rate of $0.40 per unit. (Only the professional balls are packaged.) 3. Prepare journal entries to record the cost flows during November. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) 1 No Transaction General Journal Debit Credit 1 Work-in-process inventory: Preparation Department 74,500 Raw-material inventory 74,500 2 2 Work-in-process inventory: Preparation Department 70,000 Raw-material inventory 70,000 3 3 Work-in-process inventory: Preparation Department 51,200 Applied conversion costs 51,200 4 4 Work-in-process inventory: Finishing Department Work-in-process inventory: Preparation Department 5 5 00 195,700 195,700 40,000 40,000 6 6 7 7 Work-in-process inventory: Finishing Department Applied conversion costs Work-in-process inventory: Packaging Department Finished-goods inventory Work-in-process inventory: Finishing Department Work-in-process inventory: Packaging Department Raw-material inventory Applied conversion costs 000 000 202,200 9,700 0 X 202,200x 6,500 3,200 7 8 8 Work-in-process inventory: Packaging Department Raw-material inventory Applied conversion costs Finished-goods inventory Work-in-process inventory: Packaging Department 000 00 9,700 6,500 3.200 211,900 211,900