month ended July 31. Cost of production summary, two departments; beginning inventory Aero Aluminum Inc. uses a process cost system. The records for May show the following information: P5-9 ssel 07 LO8 Production Report Units in process, May 1... Started during the month Received from prior department . Finished and transferred Finished and on hand. 0 Rolling Converting 5,000 10,000 20,000 15,000 Similar to 5,000 10,000 Self-Study Problem 2 5,000 00016.000 1/5 Units in process, May 31 ....5,000 1/3 Production Costs Work in process, May 1: Costs transferred in from Rolling.. .. $50,000 6,4505,00 5,500 A550 ,500 Materials . $5 Costs incurred during the month: Materials. 0,000 37,000 45,000 Labor . .. 50,00037,000 $1470000 $185,0 Required Prepare a cost of production summary for each department. (Hint: When preparing the Converting production summary, refer to the Rolling production summary for the costs transferred in during the month.)