The July production of Bait Buckets for Flying Anglers 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. 2. Prepare journal entries to record the cost flows during July.

The July production of Bait Buckets for Flying Angler's Supply Division consisted of batch X337 (2,200 deluxe) and batch 2444 (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 2444, $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. 2. Prepare journal entries to record the cost flows during July. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Compute the July product cost for each type of bait bucket. (Round "Product Cost" to 2 decimal places.) Product Cost per bucket Deluxe Basic per bucket Required 1 Required 2 Prepare journal entries to record the cost flows during July. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet Record the entry for requisition of raw material for Batch X337 by the Preparation Department. Note: Enter debits before credits Transaction General Journal Debit Credit 1 Required 1 Required 2 Prepare journal entries to record the cost flows during July. (If no entry is required for a transaction/event, select "No jo required" in the first account field.) View transaction list Journal entry worksheet Record the entry for requisition of raw material for batch 2444 by the Preparation Department. Note: Enter debits before credits. Transaction General Journal Debit Credit 2 Required 1 Required 2 Prepare journal entries to record the cost flows during July. (If no entry is required for a transaction/event, select "N required" in the first account field.) View transaction list Journal entry worksheet Record the conversion costs applied in the Preparation department. Note: Enter debits before credits. Transaction General Journal Debit Credit 3 Required 1 Required 2 Prepare journal entries to record the cost flows during July. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet Record the transfer from Preparation department to Finishing department. Note: Enter debits before credits. Transaction General Journal Debit Credit 4