The Painful Surgical Supply Company operates a process cost accounting system based on standard costs. The following cost information is available: mju5

The company uses a one-factor analysis of factory overhead variances. The direct materials price variance is isolated at the time of purchase.
Required:
Prepare summary journal entries for the month of July to record the above information.

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Beginning inventories, July 1: Materials inventory.. Work-in-process inventory: Direct materials Direct labor... Factory overhead.. Finished goods inventory $36.500 5,700 2,600 3,380 16,500 Ending inventories, July 31: Materials inventory... $29,200 Work-in-process inventory: Direct materials 6,300 Direct labor. Factory overhead. 2,600 3,380 Finished goods inventory 12,100 Production costs during July: Actual cost. Standard cost. Direct materials purchased: Direct materials requisitioned: At actual quantities used At standard quantities allowed $24,700 23,500 30,800 22.600