Consider the following cost of production summary for Carrigan Products for May: Carrigan Products Cost of Production Summary For 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) 800

Total 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