Process Cost Accounting that involves the following departments Oregon Wood Products, Inc. makes sheets of plywood in a three-step process 1) Forming, 2) Sizing, and 3) Finishing In all three departments materials costs are added at the beginning of the process and conversion costs are added evenly throughout the process. The following information applies to the Forming Department at the beginning of May Number of sheets of plywood carried over as incomplete from the prior month: Percent of completion of beginning WIP inventory with respect to conversion costs: 1,600 60% The cost of direct materials costs in beginning Work in Process: The cost of conversion beginning Work in Process: 59,140 $7,325 The following information relates to the transactions that occurred in the Forming Department during May: Additional direct materials costs incurred in May Additional direct labor costs incurred in May Additional factory overhead costs applied in May $157,140 77,194 $18,042 The following information applies to the Forming Department at the end of May: Sheets of plywood completed and transferred out during May: Number of sheets of plywood in progress on May 31st: Percent of completion of ending WIP inventory with respect to conversion costs: 33,200 800 75% Required: 1. Complete the attached Process Cost Summary 2. Prepare and post the following journal entries (including explanations) May 31 May 31 Record the costs transferred into the Forming Department during May Record the costs transferred out of the Forming Department during May. General Journal Debit Credit Description Date Work in Process-Forming 5/1 16,465