Island Company uses a process cost system with average costing to account for the production of its.

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Island Company uses a process cost system with average costing to account for the production of its only product. The product is manufactured in two departments. Units of product are started in the Forming Department and then transferred to the Finishing Department, where they are completed. Units are inspected at the end of the production process in the Forming Department, and the cost of spoilage is charged to Factory Overhead Control. Data related to August operations in the Forming Department are: Required: (1) Prepare a cost of production report for the Forming Department for August. (2) Prepare the general journal entry to record the transfer of cost out of the Forming Department this period.

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