7. Next Co. has two production departments: Assembly and Finishing. The Assembly Department has the following production and cost data for May 2020, and uses Weighted Average Method in their cost system. Units: 20,000 units in beginning work in process 40,000 units started into production 32,000 units transferred out _?__ units in ending inventory (30% completed as to conversion costs). Costs: Beginning work in process: Materials $75,000; Conversion costs $45,000 Incurred this month: Materials $120,000; labor, $72,000; overhead $64,800. Materials are added at the beginning of the department's production process a. Prepare a production cost report for the month of May (on form provided, or if testing virtually use your own paper and include the Number and Letter of the section) b. Prepare the journal entry, account names and the amounts clearly indicating debit and credit, to show the goods completed this month