Juniper Company manufactures a single product in two departments, Cutting and Finishing. Units of product are started in the Cutting Department and then transferred to the Finishing Department, where they are completed. Units are inspected at the end of the production process in the Finishing Department. Good units are transferred to Finished Goods Inventory, and spoiled units are transferred to Spoiled Goods Inventory. Spoiled units are inventoried at their salvage value of $10 each, and the unrecoverable cost of spoilage is charged to Factory Overhead Control.
At the end of June, 500 units were still in process in the Finishing Department, 80% complete as to materials and 60% complete as to conversion costs. During July, 4,500 units were transferred from the Cutting Department to the Finishing Department and 3,800 were transferred from the Finishing Department to Finished Goods Inventory. At the end of July, the Finishing Department still had 800 units in process, 40% complete as to materials and 20% complete as to conversion costs. Cost data related to July operations in the Finishing Department are:

Required:
(1) Assuming the company uses process costing with an average cost flow assumption, prepare a cost of production report for the Finishing Department for July.
(2) Prepare the general journal entry to record the transfer of cost out of the Finishing Department this period.

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Beginning Added Inventory This Period Costs charged to the department: Cost from preceding department. Materials.. Labor Factory overhead... $5,500 1,950 1.180 1,770 $54,500 20,650 16,260 24,390