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 24,700 units of product to finished goods inventory. Its 3,500 units of beginning work in process consisted of $89,120 of direct materials and $806,926 of conversion costs. It has 2,650 units (100% complete with respect to direct materials and 80% complete with respect to conversion) in process at month-end. During the month, $570,015 of direct material costs and $2,331,014 of conversion costs were charged to production.

• Beginning work in process consisted of 3,500 units that were 100% complete with respect to direct materials and 40% complete with respect to conversion.
• Of the 24,700 units completed, 3,500 were from beginning work in process. The remaining 21,200 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.)