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6-32 Algo In December, Davis Company had the following cost flows:

6-32 Algo In December, Davis Company had the following cost flows:

Molding DepartmentGrinding DepartmentFinishing DepartmentDirect materials$112,300$29,200$16,800Direct labor8,50013,50012,100Applied overhead9,40060,80011,000Transferred-in cost:From Molding130,200From Grinding233,700Total cost$130,200$233,700$273,600Required:1.Prepare the journal entries to transfer costs from (a) Molding to Grinding, (b) Grinding to Finishing, and (c) Finishing to Finished Goods.2.CONCEPTUAL CONNECTION: Explain how the journal entries differ from a job-order cost system.

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