Mayer Company uses a process cost system. The Molding Department adds materials at the beginning of the process and conversion costs are incurred uniformly throughout the process. Workin process on May 1 was 75% complete and work in process on May 31 was 60% complete Complete the Production Cost Report for the Molding Department for the month of May using the above information and the information below. (Round unit costs answers to 2 decimal places, 6.8. 52.75.) MAYER COMPANY Molding Department Production Cost Report For the Month Ended May 31, 2020 Equivalent Units Conversion Materials Costs Physical Units 8,000 32,000 Quantities Units to be accounted for Work in process, May 1 Started into production Total units Units accounted for Transferred out 40,000 35,000 Work in process, May 31 5 ,000 Total units 40,000 Conversion Costs Total Materials COSTS Unit costs Costs in May $301,500 $140,000 $161.500 Equivalent units Unit costs Costs to be accounted for Work in process, May 1 Started into production Total costs Cost Reconciliation Schedule Costs accounted for $60,000 241,500 $301,500 Transferred out Work in process, May 31 Materials Conversion costs $301,500 Total costs