Cost of production summary, two departments; beginning inventory similar to Self-Study Problem 2 Roberts Corporation uses a process cost system. The records for the month of May show the following information: LO7 Cutting 5,000 20,000 Grinding 10,000 Production Report Units in process, May 1 …… Started during the month Received from prior department .. Finished and transferred .. Finished and on hand .. Units in process, May 31 …….. Stage of completion 15,000 10,000 ……… 15,000 5,000 5,000 15,000 1/3 1/5 $50,000 Production Costs Work in process, May 1: Costs in Cutting: Materials ……… Labor …… Factory overhead …… $5,000 6,450 3,550 Chapter 5 – Process Cost Accounting – General Procedures 283 5,000 5,500 3,500 Production Costs Cost in Grinding: Materials Labor ….. Factory overhead ……. Costs incurred during the month: Materials …. Labor ………………. Factory overhead … Total ……… 37,000 45,000 50,000 $147,000 40,000 44,000 37,000 $185,000 Required: Prepare a cost of production summary for each department.