Cost of production summary, two departments; beginning inventory Similar to Self-Study Problem}

Harmon Corporation uses a process cost system. The records for the month of May show the following information:

{Required:}
Prepare a cost of production summary for each department.

Transcribed Image Text:

Production Report Cutting Grinding Units in process, May 1 5,000 10,000 Started during the month 20,000 Received from prior department 15,000 Finished and transferred 15,000 10,000 Finished and on hand 5,000 Units in process, May 31 5,000 15,000 1/5 1/3 Stage of completion Production Costs Work in process, May 1: Costs in Cutting: $50,000 Materials $5,000 6,450 3,550 Labor Factory overhead Costs in Grinding: Materials Labor Factory overhead 5,000 5,500 3,500