Required 1. Prepere a production cost report for May using the weighted-everege method. IRound "Cost per EU" answers to 2 deolimal places.) Carcon Paint Company Produotion Coet Report - May Production Information Phycioni Units Direot Materiaic Converslon Guantity Recep: Phycloal Units Input Beginning WP Unts started or Trans-in Total units to account for Output Unts finished or Trans-out Nomal spolege Aonomal spolage Ending WP Total units acounted for Equivalent Units: Welghted-Average Materiais Conversion Cost Added Direct Materials | Convercion Total Eeginning WP Cumrent costs Total Dvide by equivelent units WTAVG Cost per equvalent unit 0.00 Coct aummary: Welghted-Average Method Finished goods Good producion nts unts unts Norma spoliage Aonomal spolnge Ending WE unts Direct materiais Conversion Totel cost accounted for [The following Information applies to the questions displayed below.] Carson Palnt Company, which manufactures quality paint to sell at premlum prices, uses a single production department. Production begins by blending the varlous chemicals that are added at the beginning of the process and ends by filling the palnt cans. The gallon cans then transferred to the shipping department for crating and shipment. Direct labor and overhead are added continuously throughout the process. Factory overhead Is appled at the rate of $3 per direct labor dollar. The company combines direct labor and overhead in comp product cost. Prior to May, when a change in the manufacturing process was implemented, Work-In-Process Inventories were Insignificant. The changed manufacturing process, which has resulted in Increased equipment capacity, allows Increased production but also results In considera amounts of Work-In-Process Inventory. Also, the company had 1.000 spolled gallons In May-one-half of which was normal spollage and the rest abnormal spollage. The product Is Inspected at the end of the production process. These data relate to actual production during the month of May:. Costs Work-in-Process Inventory, May 1 Direct materials $ 104,896 Direct labor 15,372 May costs added: Direct materials 419,584 Direct labor 61,488 Units Work-in-Process Inventory, May 1 30% complete as to conversion activity 2,000 100% complete as to direct materials Sent to shipping department Started in May Work-in-Process Inventory, May 31 25,600 31,100 6,500 80% complete as to conversion activity 100% complete as to direct materials Total spolage (units), in May * Spoilage considered normal Stage of processing when spollage is detected 50% 100%