The July production of Bait Buckets for Flying Angler's Supply Division consisted of batch X337 (2,200 deluxe) and batch Z444 (4,400 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 X337, $43,000, including $2,700 for packaging material; batch Z444, $46,000.

Conversion Costs:

Preparation Department, predetermined rate of $8.50 per unit; Finishing Department, predetermined rate of $6.20 per unit; Packaging Department, predetermined rate of $1.50 per unit. (Only the deluxe buckets are packaged.)

Required:

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

Product Cost

Deluxe per bucket

Basic per bucket

2.Prepare journal entries to record the cost flows during July.

a. Record the entry for requisition of raw material for Batch X337 by the Preparation Department.

b. Record the entry for requisition of raw material for batch Z444 by the Preparation Department.

c. Record the conversion costs applied in the Preparation department.

d. Record the transfer from Preparation department to Finishing department.