**Aero Aluminum Inc. Production Cost System for May**Aero Aluminum Inc. employs a process cost system. The records for May display the following details:---**Production Report**- **Rolling Department** - Units in process, May 1: 5,000 - Started during the month: 20,000 - Finished and transferred: 15,000 - Finished and on hand: 5,000 - Units in process, May 31: 5,000 - Stage of completion: 1/5- **Converting Department** - Units in process, May 1: 10,000 - Received from prior department: 15,000 - Finished and transferred: 10,000 - Units in process, May 31: 15,000 - Stage of completion: 1/3---**Production Costs**- **Work in Process, May 1** - Costs transferred in from Rolling: $50,000 - Materials: - Rolling: $5,000 - Converting: $5,000 - Labor: - Rolling: $6,450 - Converting: $5,500 - Factory overhead: - Rolling: $3,550 - Converting: $3,500- **Costs Incurred During the Month** - Materials: - Rolling: $37,000 - Converting: $40,000 - Labor: - Rolling: $45,000 - Converting: $44,000 - Factory overhead: - Rolling: $50,000 - Converting: $37,000**Total Costs**- Rolling: $147,000- Converting: $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.)* **Cost Work in Process and Production Summary for Aero Aluminum Inc.****Cost Work in Process, May 1:**- Materials: $5,000- Labor: $6,450- Factory Overhead: $3,550- **Total**: $15,000**Cost of Production for Month:**- Materials: [Blank]- Labor: [Blank]- Factory Overhead: [Blank]- **Total Costs to be Accounted for**: [Blank]**Unit Output for Month:**- Finished and Transferred to Converting: [Blank]- Finished and On Hand: [Blank]- Equivalent Units of Work in Process, May 31: [Blank]- **Total Equivalent Production**: [Blank]**Unit Cost for Month:**- Materials: [Blank]- Labor: [Blank]- Factory Overhead: [Blank]- **Total**: [Blank]**Inventory Costs:**- Costs of Goods Finished and Transferred to Converting: [Blank]- Cost of Goods Finished and On Hand: [Blank]- Cost of Work in Process, May 31: - Materials: [Blank] - Labor: [Blank] - Factory Overhead: [Blank] - **Total**: [Blank]- **Total Production Costs Accounted for**: [Blank]---**Aero Aluminum Inc. Cost of Production Summary—Converting for the Month Ended May 31, 20--****Cost Work in Process, May 1:**- Cost in Rolling: [Blank]- Cost in Converting: - Materials: [Blank] - Labor: [Blank] - Factory Overhead: [Blank]- **Total Costs Received from Rolling**: [Blank]**Cost of Production in Converting for Month:**- Materials: [Blank]- Labor: [Blank]- Factory Overhead: [Blank]- **Total Costs to be Accounted for**: [Blank]**Unit Output for Month:**- Finished and Transferred to Finished Goods: [Blank]- Equivalent Units of Work in Process, May 31: [Blank]- **Total Equivalent Production**: [Blank]**Unit Cost for Month:**- **Cost for Rolling:** - Beginning Inventory: [Blank] - Transferred in This Month: [Blank] - **Totals**: [Blank] - **

Name: **Aero Aluminum Inc. Production Cost System for May**Aero Aluminum In
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Description: **Aero Aluminum Inc. Production Cost System for May**Aero Aluminum Inc. employs a process cost system. The records for May display the following details:---**Production Report**- **Rolling Department** - Units in process, May 1: 5,000 - Started du

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Aero Aluminum Inc. uses a process cost system. The records for May show the following information: Production Report Rolling Converting Units in process, May 1. . 5,000 10,000 Started during the month 20,000 Received from prior department 15,000 Finished and transferred .. 15,000 10,000 Finished and on hand . Units in process, May 31. Stage of completion.... 5,000 5,000 15,000 1/5 1/3 Production Costs Work in process, May 1: Costs transferred in from Rolling... $50,000 ........... Materials.... $5,000 5,000 Labor..... 6,450 5,500 Factory overhead. 3,550 3,500 Costs incurred during the month: Materials... 37,000 40,000 Labor .... 45,000 44,000 Factory overhead 50,000 37,000 $185.000 Total..... $147,000

Aero Aluminum Inc. uses a process cost system. The records for May show the following information: Production Report Rolling Converting Units in process, May 1. . 5,000 10,000 Started during the month 20,000 Received from prior department 15,000 Finished and transferred .. 15,000 10,000 Finished and on hand . Units in process, May 31. Stage of completion.... 5,000 5,000 15,000 1/5 1/3 Production Costs Work in process, May 1: Costs transferred in from Rolling... $50,000 ........... Materials.... $5,000 5,000 Labor..... 6,450 5,500 Factory overhead. 3,550 3,500 Costs incurred during the month: Materials... 37,000 40,000 Labor .... 45,000 44,000 Factory overhead 50,000 37,000 $185.000 Total..... $147,000

FINANCIAL ACCOUNTING

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