Example 5:Florida tile produce ceramic tiles using two sequential production departments: Tile-Forming and Tile-Finishing. The following information was found for Florida Tile's first production process, the Tile-Forming Department. Florida Tile Tile-Forming Department Month Ended May 31 Information about units: Beginning work in process, may 1 (Degree of completion of 85% direct material; 65% conversion costs) 2,000 units Started in production during May Completed and transferred to finishing department during May 18,000 units 16,000 units 4,000 units Ending work in process, May 31 (25% completed to direct material and 55% complete as to conversion cost) Information about costs: Beginning work in process, May 1( consist of $800 direct materials cost, $4,000 of conversion costs) Direct materials use in May Conversion costs incurred in May $4,800 $6,000 $32,400 o Requirement: Use five steps of process costing to calculate the cost that should be assigned to (1) units completed and transferred out and (2) units still in ending work in process inventory. By using weighted-average and FIFO methods (3) Then prepare the journal entry needed at month-end to transfer the costs associated with the formed tiles to the next department, tile finishing. 5