Refer to the data in Problem 20-3A. Assume that Tamar uses the FIFO method of process costing. The units started and completed for May total 19,200.

Required

1. Prepare the Forming department’s production cost report for May using FIFO.
2. Prepare the May 31 journal entry to transfer the cost of units from Forming to Assembly

Data From Problem 20-3A

Tamar Co. manufactures a single product in two departments: Forming and Assembly. Information for the Forming process for May follows.

Required

1. Prepare the Forming department’s production cost report for May using the weighted average method.
2. Prepare the May 31 journal entry to transfer the cost of units from Forming to Assembly.

Transcribed Image Text:

Direct Materials Conversion Beginning work in process inventory Units Percent Complete Percent Complete Direct materials $ 19,800 Conversion.. 221,940 $ 241,740 Beginning work in process inventory... 3,000 100% 40% Costs added this period Units started this period. 21,600 Direct materials 496,800 Units completed and transferred out... 22,200 Conversion.... 2,165,940 2,662,740 Ending work in process inventory.... 2,400 100% 80% Total costs to account for.... $2,904,480