0 Required information Problem 3-4A Weighted average: Process cost summary, equivalent units, cost estimates LO C2, C3, P4 IThe following information applies to the questions displayed below.] Tamar Co. manufactures a single product in one department. All direct materials are added at the beginning of the manufacturing process. Conversion costs are added evenly throughout the process. During May, the company completed and transferred 28,700 units of product to finished goods inventory. Its 4,300 units of beginning work in process consisted of $21,100 of direct materials and $280,440 of conversion costs. It has 3,050 units (100% complete with respect to direct materials and 80% complete with respect to conversion) in process at month-end. During the month, $550,400 of direct material costs and $2,709,000 of conversion costs were charged to production. 1. Prepare the company's process cost summary for May using the weighted-average method Total costs to account for: osts of beginning work in process Costs incurred this period Total costs to account for Total costs accounted for Difference due to rounding cost/unit Unit reconciliation: Units to account for: Beginning work in process inventory units Units started this period Total units to account for Total units accounted for: Units completed and transferred out Ending work in process- units Total units accounted for Equivalent units of production (EUP)- weighted average method EUP Conversion Units % Materials EUP-Materials % Conversion nits completed and transferred out nding work in process - units Total units Cost per equivalent unit of production Materials Conversion osts of beginning work in process Costs incurred this period Total costs Costs Costs Equivalent units of production Cost per equivalent unit of production Total costs accounted for: Cost of units transferred out EUP EUP Cost per EUP EUP Total cost Direct materials Conversion Total costs transferred out Costs of ending work in process Cost per EUP EUP Total cost Direct materials 0.00 Conversion 0.00 Total cost of ending work in process Total costs accounted for 2. Prepare the journal entry dated May 31 to transfer the cost of completed units to finished goods inventory. (Do not round intermediate calculations. Round your final answers to the nearest whole dollar.) View transaction list Journal entry worksheet Record the transfer of goods to finished goods inventory. Note: Enter debits before credits. Date General Journal Debit Credit May 31 Record entry Clear entry View general journal