uepartments; 0 inventory beginning Aero Aluminum Inc. uses a process cost system. The records for May show the following information: 07 Production Report Rolling Converting 5,000 20,000 Started during the month . . . Received from prior department .. Finished and transferred Finished and on hand 15,000 Similar to Self-Study Problem2 10,000 5,000 5.000 1/5 US000 1/3 Production Costs Work in process, May 1 Costs transferred in from Rolling . .. . . .. . . $50,000 Materials.. Labor... Factory overhsad s5,000 5 450 5,500 550 3.500 Costs incurred duing the month: Materials 0,000 Labor. 45,000 37,000 Factory overhead 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.)