Mt. Repose Manufacturing Company uses a process cost system. Its manufacturing operation is carried on in two departments:

Machining and Finishing. The Machining Department uses the average cost method, and the Finishing Department uses the FIFO cost method. Materials are added in both departments at the beginning of operations, but the added materials do not increase the number of units being processed. Units are lost in the Machining Department throughout the production process, and inspection occurs at the end of the process. The lost units have no scrap value and are considered to be a normal loss.

Production statistics for July show the following data:

Required:
Prepare a cost of production summary for each department. (Round to three decimalplaces.)

Machining Finishing Units in process, July 1 (all material, 40% of labo r and overhead) 20,000 Units in process, July 1 (all material, 40,000 80% of labor and overhead) Units started in production.140,000 Units completed and transferred .. .100,000 Units transferred from Machining.. Units completed and transferred to 100,000 100,000 Units in process, July 31 (all material, 60% of labor and overhead) 40,000 Units in process, July 31 (all material, 40% of labor and overhead) . Units lostin production .. Production Costs Work in process, July 1 40,000 20,000 Machining Finishing Materials. Labor PRAA.. Factory overhead . Costs in Machining Department. 40,000 $110,000 60,000 40,000 240,000 24,000 8,000 Production Costs Costs incurred during month Machining Finishing $280,000 . 180,000 60,000 $240,000 160,000 80,000 Labor