Aero Aluminum Inc. uses a process cost system. The records for May show the following information:Production ReportRollingConvertingUnits in process, May 15,00010,000Started during the month20,000Received from prior department15,000Finished and transferred15.00010,000Finished and on hand5,000Units in process, May 315,00015,000Stage of completion..1/51/3Production CostsWork in process, May 1:Costs transferred in from Rolling$50,000Materials$5,0005,000Labor6,4505,500Factory overhead.3,5503,500Costs incurred during the month:Materials.37,00040,000Labor45,00044,000Factory overhead50,00037,000Total.$147,000$185,000REQUIRED:Prepare a cost of production summary for each department. (Hint: When preparing the Converting production summary, refer to the Rolling production summary for the costs transferred induring the month.) Cost of work in process, May 1:Materials5,000.....***........Labor6,450Factory overheadCost of production for month:Materials3,55015,000LaborFactory overheadTotal costs to be accounted forUnit output for month:Finished and transferred to ConvertingFinished and on handEquivalent units of work in process, May 31Total equivalent productionUnit cost for month:MaterialsLaborFactory overheadTotalInventory costs:Costs of goods finished and transferred to ConvertingCost of goods finished and on handCost of work in process, May 31:MaterialsLaborFactory overheadTotalTotal production costs accounted forAero Aluminum Inc.Cost of Production Summary-ConvertingFor the Month Ended May 31, 20--Cost of work in process, May 1:Cost in RollingCost in Converting:MaterialsLaborFactory overheadCost of goods received from RollingCost of production in Converting for month:MaterialsLaborFactory overheadTotal costs to be accounted forUnit output for month:Finished and transferred to finished goodsEquivalent units of work in process, May 31Total equivalent productionUnit cost for month:Cost for Rolling:Beginning inventoryTransferred in this monthCostUnitsTotalsAverage cost per unitCost in Converting:MaterialsLaborFactory overheadTotalInventory costs:Costs of goods finished and transferred:Unit cost of Rolling and Converting combinedUnits transferred to finished goods during monthCost of work in process, May 31:Costs in RollingCost in ConvertingTotal production costs accounted for

Name: Aero Aluminum Inc. uses a process cost system. The records for May sh
Uploaded: 2024-03-20T06:32:49.000Z
Channel: Bartleby
Description: Aero Aluminum Inc. uses a process cost system. The records for May show the following information:Production ReportRollingConvertingUnits in process, May 15,00010,000Started during the month20,000Received from prior department15,000Finished and tran