Problem 20-4A Weighted average: Process cost summary, equivalent units, cost estimates LO C2, C3, P4

[The 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 23,200 units of product to finished goods inventory. Its 3,200 units of beginning work in process consisted of $20,000 of direct materials and $230,940 of conversion costs. It has 2,500 units (100% complete with respect to direct materials and 80% complete with respect to conversion) in process at month-end. During the month, $519,700 of direct material costs and $2,062,260 of conversion costs were charged to production.

Problem 20-4A Part 1

1. Prepare the companys process cost summary for May using the weighted-average method.

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.)