Journal entries and cost of goods manufactured statement required: Using the data in P5...

Journal entries and cost of goods manufactured statement required:

Using the data in P5-7:

1. Draft the necessary entries to record the manufacturing costs incurred during the month of July.

2. Prepare a statement of cost of goods manufactured for the month ended July 31.

Reference:

Departmental cost worksheet analysis; cost of production summary, three departments, no beginning inventories

Phillies Manufacturing Co. has three departments and uses the process cost system of accounting. A portion of the departmental cost work sheet prepared by the cost accountant at the end of July is reproduced below.

Required:

Prepare a cost of production summary for each department. (Round unit costs to three decimal places.)