Section: Problem 5-6 Harmon Corporation Cost of Production Summary -- Cutting For the Month Ended May 31, 20xx Cost of work in process, May 1:...

Required: prepare a cost of production summary for each departmentHarmon Corporation uses a process cost system. The records for the month of May show the following information:Production ReportCuttingGrindingUnits in process, May 1500010000Started during the month20000Received from prior department -15000Finished and transferred1500010000Finished and on hand5000Units in process, May 31500015000Stage of completion 1/51/3Production CostsWork in process, May 1Costs in cutting50000Materials 5000Labor 6450Factory overhead3550Costs in Grinding:Materials 5000Labor5500Factory overhead3500Costs incurred during the monthMaterials3700040000Labor4500044000Factory Overhead5000037000Total______________$147000$185000