NYI Corporation Manufactures Decorative Window Glass in Two Sequential Departments

NYI Corporation manufactures decorative window glass in two sequential departments.These data pertain to the month of August: $$\begin{array} { | l | c | c | } \hline & \text { Department 1 } & \text { Department 2 } \\\hline \begin{array} { l } \text { Direct Materials used for } \\\text { production }\end{array} & \$ 55,000 & \$ 32,000 \\\hline \text { Direct Labor } & 160,000 & 320,000 \\\hline \text { Applied factory overhead } & 340,000 & 250,000 \\\hline \begin{array} { l } \text { Cost of goods completed and } \\\text { transferred }\end{array} & 850,000 & 740,000 \\\hline\end{array}$$ Required: Prepare journal entries to record these events:
1.Incurrence of direct materials and direct labor.Application of factory overhead in department 1.
2.Transfer of products from department 1 to department 2.
3.Incurrence of direct materials and direct labor.Application of factory overhead in department 2.
4.Transfer of complete products from department 2 to finished goods inventory.