Jedi Chemical Company operates three producing departments-Mixing, Refining, and Finishing. During May, the Refining Department transferred 40,000 units to the Finishing Department and had 7,000 units in process at the end of May. There were 10,000 units in process on May 1 in the Refining Department. The remaining 37,000 units started in the Refining Department during May were received from the Mixing Department. The costs incurred in the Refining Department during May were labor, $50,375, and factory overhead, $40,300. (No materials were added in the Refining Department) The work-in-process inventory on May 1 was $10,000. The costs transferred to the Refining Department from the Mixing Department amounted to $120,050. The Refining Department work-in-process inventory was one-half complete on May 1 and three-fourths complete on May 31. Instructions: Complete the following May cost of production report for the Refining Department, using the first-in, first-out method of accounting for beginning inventories. (Carry unit cost computations to three decimal places.) Jedi Chemical Company Cost of Production Summary-Refining Department For the Month of May, 2008 Cost of work in process, beginning of month. Cost of goods received from prior department during month. Cost of production for month: Materials.. Labor.. Factory overhead. Total costs to be accounted for. $ Unit output for month: To complete beginning units in process.. Units started and finished during month. Ending units in process Total equivalent production. Unit cost for month: Labor... Factory overhead. Total. Inventory costs: Cost of goods finished and transferred to Finishing Department during month: Beginning units in process: Prior month's cost.. Current cost to complete: Labor C Factory overhead C Units started and finished during month: Cost in prior department Cost in Refining Department ( Total cost transferred ( Cost of work in process, end of month: Cost in prior department Cost in Refining Department: Labor C Factory overhead C Total production costs accounted for $ $ $ VA $ IA $ IA $ $