The July production of Bait Buckets for Flying Angler$$s Supply Division consisted of batch X$337(2,500$ deluxe$)$ and batch Z$444(5,000$ basic$).$ Each batch was started and finished during July, and there was no beginning or ending work in process. Costs incurred were as follows:

Direct Material:

Batch X$337,$ $$44,500,$ including $$3,000$ for packaging material; batch Z$444,$ $$47,500.$

Conversion Costs:

Preparation Department, predetermined rate of $$10\mathrm{.}00$ per unit; Finishing Department, predetermined rate of $$6\mathrm{.}50$ per unit; Packaging Department, predetermined rate of $$3\mathrm{.}00$ per unit. $($Only the deluxe buckets are packaged.$)$

Required:

Compute the July product cost for each type of bait bucket.

Prepare journal entries to record the cost flows during July.