Required information

Problem 20-5AA 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 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 32,700 units of product to finished goods inventory. Its 5,100 units of beginning work in process consisted of $198,960 of direct materials and $729,564 of conversion costs. It has 3,450 units (100% complete with respect to direct materials and 80% complete with respect to conversion) in process at month-end. During the month, $683,100 of direct material costs and $3,702,936 of conversion costs were charged to production.

• Beginning work in process consisted of 5,100 units that were 100% complete with respect to direct materials and 40% complete with respect to conversion.
• Of the 32,700 units completed, 5,100 were from beginning work in process. The remaining 27,600 were units started and completed during May.

Assume that Tamar uses the FIFO method to account for its process costing system.

Problem 20-5A Part 1

1. Prepare the companys process cost summary for May using the FIFO method. (Round "Cost per EUP" to 2 decimal places.)

Problem 20-5A Part 2

2. Prepare the journal entry dated May 31 to transfer the cost of completed units to finished goods inventory.

Total costs to account for: Total costs to account for: Total costs accounted for Difference due to rounding cost/unit Unit reconciliation: Units to account for: Total units to account for Total units accounted for: Total units accounted for Equivalent units of production (EUP)- FIFO method EUP Conversion Units % Materials EUP-Materials % Conversion Total units Cost per equivalent unit of production Materials Conversion Costs Total costs Equivalent units of production Cost per equivalent unit of production (rounded to 2 decimals) Costs EUP EUP Total costs accounted for Beginning Inventory Cost: Cost to complete beginning inventory Cost per EUP EUP Total cost Direct materials Conversion Total cost to complete beginning inventory Total cost of units in beginning inventory Cost per EUP Total cost Cost of units started and completed EUP Direct materials Conversion Total cost of units started and completed Total cost of units transferred out Cost perTotal cost Costs of ending work in process EUP EUP Direct materials Conversion Total cost of ending work in process Total costs accounted for Journal entry worksheet Record the transfer of goods to finished goods inventory. Note: Enter debits before credits Date General Journal Credit Debit May 31