Question: The Joan Company uses the process cost system and average cost method. The following production data are for the month of July, 20--. Production Costs

The Joan Company uses the process cost system and average cost method. The following production data are for the month of July, 20--.

Production Costs

Work in Process beginning of the month:

Materials $18,500

Labor 8,750

Factory Overhead 4,850 $32,000

Cost incurred during month:

Materials $93,500

Labor 42,450

Factory Overhead 33,550 169,500

Total $201,600

Production report units

In process, beginning of month 4,000

Finished and transferred during month 28,000

Work in process, end of month 10,000

Stage of completion 40%

(a) Make a cost of production summary for the month.

(b) Prepare the journal entries to record production for the month

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