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please use information from P5-9 to answer P5-10. thank you PS-9 LO7 LOS ed July 31. Cost of production summary, two departments; beginning inventory Aero
please use information from P5-9 to answer P5-10. thank you
PS-9 LO7 LOS ed 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: Protection Report Rolling Converting Unius process, May 1.... 5,000 10,000 Started during the month 20,000 Recked from prior department 15,000 Finishind transferred 15,000 10.000 Finish and on hand 5,000 Unitrocess, May 31 5,000 15,000 Stage of completion. 1/5 1/3 Similar to Self-Study Problem 2 Production Costs Work in process, May 1: Costs transferred in from Rolling $50,000 Materials. $5,000 5,000 Labor. 6,450 5,500 Factory overhead.. 3,550 3,500 Costs incurred during the month: Materials. 37,000 40,000 Labor 45,000 44,000 Factory overhead 50,000 37,000 Total. $147,000 $185,000 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.) Journal entries Required: Using the data in P5-9, draft the journal entries to record: 1. The cost of goods received from Rolling during the month. 2. The production costs incurred in Converting during the month. 3. The cost of goods completed and transferred to finished goods during the month. P5-10 Step by Step Solution
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