Springy Company uses a process costing system (weighted average method). The company has two processing departments:...

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Springy Company uses a process costing system (weighted average method). The company has two processing departments: Shaping and Finishing. The following data relates to the Shaping Department for the month of July: Percentage of completion Units Material Conversion Beginning work in process inventory 400 80% 60% Units started into production 1,800 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 Shaping 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 Shaping department to the Finishing department. Springy Company uses a process costing system (weighted average method). The company has two processing departments: Shaping and Finishing. The following data relates to the Shaping Department for the month of July: Percentage of completion Units Material Conversion Beginning work in process inventory 400 80% 60% Units started into production 1,800 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 Shaping 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 Shaping department to the Finishing department.