Problem 5 South Shore Chemical manufactures a product called Zhek. Direct materials are added at the beginning of the process, and conversion activity occurs uniformly throughout production. The beginning work-in-process inventory is 60% complete with respect to conversion; the ending work-in-process inventory is 20% complete. The following data pertain to May: Work in process, May 1 Units started during May Units completed and transferred out Work in process, May 31 Units 15,000 60,000 68,000 7.000 Direct Total Materials Conversion Costs Costs: Work in process, May 1 Costs incurred during May Totals $ 41,250 234.630 $275.880 $16,500 72.000 $88.500 S 24,750 162.630 $187.380 Prepare a cost production report using FIFO. You must reconcile dollars completed and transferred out