Martinez Company uses the weighted average process cost system. The Molding Department adds materials at the beginning of the process and conversion costs are incurred uniformly throughout the process. Work in process inventory on May 1 was 75% complete and work in process inventory on May 31 was 60% complete as to conversion costs. Complete the Production Cost Report for the Molding Department for the month of May using the above information and the information below. (Round unit costs answers to 2 decimal places. e.g. 52.75.) MARTINEZ COMPANY Molding Department Production Cost Report For the Month Ended May 31, 2022 Equivalent Units of Production Physical Conversion QUANTITIES Units Materials Costs Units to be accounted for Work in process May 1 7.680 Started into production 30.720 Total units to be accounted for 38,400 Units accounted for Completed and transferred out 33,600 Work in process, May 31 4,800 Total units accounted for 38,400 Conversion COSTS Materials Costs Tota Unit costs Costs in May $134,400 $ 155,040 Equivalent units of production Unit costs Costs to be accounted for Work in process May 1 Started into production Total costs to be accounted for Cost Reconciliation Schedule Costs accounted for Completed and transferred out Work in process, May 31 Materials Conversion costs Total costs accounted for Attempts: 0 of 1 used Submit Answer Save for Later