2. Consider the following cost of production summary for CarriganProducts for May:Carrigan ProductsCost of Production SummaryFor the Month Ended May 31, 20 Cost of work in process, beginning of month: Materials $8,200 Labor 5,500 Factory overhead 2,000 $15,700 Cost of production for month: Materials $24,000 Labor 17,600 Factory overhead 16,900 58,500 Total costs to be accounted for $74,200 Unit output for month: Finished and transferred to finished goods 2,000 Equivalent units of work in process, end of month (1,000 units, 80% completed) 800Total equivalent production 2,800 Unit cost for month: Materials [($8,200 + $24,000) 2,800] $11.50 Labor [($5,500 + $17,600) 2,800] 8.25 Factory overhead [($2,000 + $16,900) 2,800] 6.75 Total $26.50 Inventory costs: Cost of goods finished and transferred to finished goods during month: (2,000 $26.50) $53,000 Cost of work in process, end of month: Materials (1,000 .8 $11.50) $9,200 Labor (1,000 .8 $8.25) 6,600 Factory overhead (1,000 .8 $6.75) 5,400 21,200 Total production costs accounted for $74,200 a. Prepare the journal entries to record the production activity.b. Prepare the Statement of Cost of Goods Manufactured for May.