Reynolds Inc. uses a process cost system. The records for May show the following information:

Required:
Prepare a cost of production summary for each department.

Production Report Units in process, May Cutting Grinding 10,000 5,000 20,000 15,000 15,000 5,000 5,000 1/5 10,000 15,000 1/3 Production Costs Work in process, May 1 S 50,000 5,000 5,500 3,500 Costs transferred in from Cutting: s 5,000 6,450 3,550 Factory overhead. Costs incurred during the month: 40,000 44.000 50,000 37000 $147,000 $185.00 37,000 45,000 Labor Factory overhead....