What are the accounting entries generated by the system during production cycle?

When production people confirm how much raw materials they use: 

Dr Consumption (P&L)  [Process Order]     
Cr Inventory - Raw Materials (BS) 

*This will be the same for all other components of the finished product such as packaging materials or additives. 

When production people confirm how much semi-finished goods / finished goods they have produced: 

Dr Inventory - SFG / FG 

Cr Manufacturing Cost (P&L) [Process Order]

*There will usually be another entries for the manufacturing overhead: 

Dr <Secondary Cost Element>  [Process Order]  

Cr <Secondary Cost Element>  [Cost Center] 

At month-end, the [Process Order] will need go through the settlement process: 

Dr / Cr  Production Variance

Dr / Cr  Manufacturing Cost 

If actual cost of production is higher than the standard cost, then manufacturing cost is credit.   

The production variance is then used to calculate the actual cost. This is done through Material Ledger. If a company doesn't have Material Ledger, this is usually just charged out to COPA and is part of COGS.