The following transactions relate to a dairy, converting milk to cheese, for the month of May:
1 May Bought 600 drums of milk from supplier, invoiced price being £90,000.
1 May Bought cartons, cost £6,000 paid in cash.
2 May Returned to supplier one drum damaged in transit, £150.
3 May 500 drums of milk issued to cheese-making department, cost £75,000.
4 May Issued two-thirds of cartons to cheese-making department, £4,000.
14 May Paid cheese-makers' wages, £3,000.
14 May Paid wages for cleaning and hygiene, £600.
16 May Paid rent, rates and electricity in respect of dairy, £8,000, in cash.
28 May Paid cheese-makers' wages, £3,000.
28 May Paid wages for cleaning and hygiene, £600.
30 May Transferred all production of cheese in cartons to finished goods stock. No work in progress at end of month.
Required
Prepare a calculation of the cost of production transferred to finished goods at the end of May?