Required information Problem 16-5AA FIFO: Process cost summary; equivalent units; cost estimates LO C3, C4, P4 [The following information applies to the questions displayed below.) Tamar Co. manufactures a single product in two departments. All direct materials are added at the beginning of the Forming process. Conversion costs are added evenly throughout the process. During May, the Forming department started 22,500 units, and transferred 23,200 units of product to the Assembly department. Its 3,200 units of beginning work in process consisted of $71,650 of direct materials and $953,200 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, $558,000 of direct materials costs and $2,272,400 of conversion costs were charged to the Forming department. The following additional information is available for the Forming department. Beginning work in process consisted of 3,200 units that were 100% complete with respect to direct materials and 40% complete with respect to conversion. . Of the 23,200 units transferred out, 3,200 were from beginning work in process. The remaining 20,000 were units started and completed during May. Assume that Tamar uses the FIFO method to account for its process costing system. Problem 16-5AA Part 2 2. Prepare the journal entry dated May 31 to transfer the cost of units to Assembly. View transaction list Journal entry worksheet Assume that lamar uses the FIFO method to account for its process costing system. Problem 16-5AA Part 2 2. Prepare the journal entry dated May 31 to transfer the cost of units to Assembly View transaction list Journal entry worksheet