7. Maddock Inc. uses a process cost accounting system for its paper mill. Last week, beginning work in process inventory in its rolling department was $5,670 and ending work in process inventory in the rolling department was $7,800. The cost incurred for production in the rolling department last week was: $84,000 for direct materials, $55,000 for direct labor, and $25,000 of factory overhead applied. Equivalent units for direct materials cost are 8,000, and equivalent units for conversion costs are 7,800. a) Calculate the cost of finished product transferred to the next processing department (packaging). b) Calculate Conversion cost per equivalent unit (round to $0.00). 8. In a process cost system, 7,890 units of product are first processed in Department R with total product cost (DM, DL, and FO) $18,000. The 7,890 units are then completed and packaged for shipment to customers in Department S at additional product cost of $12,000. a) Prepare the journal entry for the transfer of product cost from Department R to Dept. S. b) Prepare the journal entry for the transfer of finished product cost from Department Sto Finished Goods Inventory