Data is provided below the forms as well as on the "Given P20-06A" sheet.

Instructions:
Assume Tamar uses the FIFO method to account for its process costing system.
1. Prepare the company's process cost summary using FIFO.
2. Prepare the journal entry at the end of the period to transfer the cost of completed units to finishedgoods.

Transcribed Image Text:

TAMAR CO Goods in Process Inventorv Acct. No. 133 Date Explanation Debit Credit Balance Oct Balance 31 Direct materials 31 Direct labor 31 Applied overhead 496.800 1,203.300 962,640 241.740 738,540 1,941,840 2.904.480 Beginning goods in process inventory: 3,000 units 100% complete as to direct materials and 40% complete as to direct labor and overhead. Direct materials Direct labor Factory overhead S19,800 S123,300 S98,640 During October: Of the 22,200 units completed, 3,000 were from beginning goods in process. The remaining 19.200 were units started and completed during May Ending goods in process inventory: 2.400 units 100% complete as to direct materials and 80% complete as to direct labor and overhead. Check figure: Total cost transferred to finished goods S2,667,840