Springy Company uses a process costing system (weighted average method). The company has two processing departments: Forming and Finishing. The following data relates to the Forming Department for the month of July: Percentage of completion Units Material Conversion Beginning work in process inventory 600 70% 60% Units started into production 1,600 Units completed and transferred 1,700 Ending work in process inventory 500 50% 40% Costs of beginning inventory: $950 for materials and $400 for conversion. Costs added during July: $4,900 for materials and $2,450 for conversion. Required: 1. Prepare a cost of production report, in good form, for the Forming Department for the month ended July 31, 2020. Round all unit costs to 2 decimal places and round total costs to the whole dollar. 2. Prepare the journal entry to record the units completed and transferred from the Forming department to the Finishing department.