The Joan Company uses the process cost system and average cost method.The following production data are for the month of July,20--. 
(a)Prepare a cost of production summary for the month.
(b)Prepare the journal entries to record production for the month
Definitions:
Market Entry And Exit
The process by which new competitors enter or existing firms exit a market, influencing competition and market dynamics.
Industry Size
The overall scale or breadth of a sector, often measured by the number of firms, employees, or the volume of production.
Profits And Losses
The financial gains earned or losses incurred by a business over a specified period.
Economic Model
A simplified representation of economic processes, used to predict and analyze real-world economic behaviors.
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