1. Prepare s production cost report for May using the welgihtec-sversge method. (Round "Cost per EU" answers to 2 decimal places) Carcon Paint Company Produotion Coct Report - May Produotion Information Direot Materiais Phy cioal Unite Conversion Guantity Recap: Phycloal Units Input Beginning WP Unts started or Trens-in Tatel units to pccount for Output Unts finished or Tians-out Nomal spoliage Abnamai spolage Ending WF P Total units eccounted for Equivalent Units: Welghted-Aerage Conversion Cost Added Direct Materiais Convercion Total Beginning WP Curent costs Tota Ride oy egulvglent unts WTAVG Cost per equiaient unit Coct aummary: Welghted-Average Method Fnished goods Good productio unts Norma spolisge Lnts Abnamal spolage ants Ending WP unts Drect materias Conversion Total cost accounted for 4 Required Information [The following information applies to the questions displayed below.) ts Carson Paint Company, which manufactures quality paint to sell at premium prices, uses a single production department. Production begins by blending the varous chemicals that are added at the beginning of the process and ends by filling the paint cans. The gallon cans are then transferred to the shipping department for crating and shipment. Direct labor and overhead are added continuously throughout the process. Factory overhead is applied at the rate of $3 per direct labor dollar. The company combines direct labor and overhead in computing product cost eBook Prior to May, when a change in the manufacturing process was Implemented, Work-n-Process Inventories were Insignificant. The changed manufacturing process, which has resuited in Increased equipment capacity, allows Increased production but also results in considerable amounts of Work-in-Process Inventory. Also, the company had 1,000 spolled gallons in May-one-half of which was normal spolage and the rest abnormal spollage. The product is inspected at the end of the production process. Print eferences These data relate to actual production during the month of May: Costs Work-in-Process Inventory, May 1 Direct materials Direct labor May costs added: Direct materials $ 184,896 15,372 Direct labor 419,584 61,488 Units Work-in-Process Inventory, May 1 30% complete as to conversion activity 190% complete as to direct naterials 2,000 Sent to shipping departnent Started in May Work-in-Process Inventory, May 31 sex conplete as to conversion activity 25,600 31,100 6,500 108% complete as to direct naterials Total spoilage (units), in May % Spoilage considered normal Stage of processing when spoilage is detected 100