Using the data in P, draft the journal entries to record:
In P, Aero Aluminum Inc. uses a process cost system. The records for May show the following information:

1. The cost of goods received from Rolling during the month.
2. The production costs incurred in Converting during the month.
3. The cost of goods completed and transferred to finished goods during the month.

Transcribed Image Text:

Production Report Rolling Converting 10,000 5,000 20,000 Received from prior department .. Finished and transferred.... . . . . . 15,000 10,000 15,000 5,000 5,000 1/5 15,000 1/3 Production Costs Work in process, May 1: $50,000 5,000 5,500 3,500 Materials.. . $5,000 6,450 3,550 Costs incurred during the month 37,000 45,000 50,000 $147,000 40,000 44,000 37,000 $185,000