The Manufacturing Costs of the Assembly Department for the Month

Essay

The manufacturing costs of the Assembly Department for the month of July are as follows:
The company uses a process costing system.At July 31,the cost of the goods completed and transferred to the Finishing Department was $563,000.
Required:
A)Prepare summary journal entries for the use of direct materials,direct labor and factory overhead.
B)Prepare a journal entry for the transfer of completed goods.