Required Information [The following information applies to the questions displayed below.] Triangle Fastener Corporation accumulates costs...

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Required Information [The following information applies to the questions displayed below.] Triangle Fastener Corporation accumulates costs for its single product using process costing. Direct material is added at the beginning of the production process, and conversion activity occurs uniformly throughout the process. A partially completed production report for the month of May follows. Production Report For the Month of May Physical Units Percentage of Completion with Respect to Conversion Equivalent Units Direct Material Conversion Work in process, May 1 30,000 39% Units started during May 45,000 Total units to account for 75,000 Units completed and transferred out during May 42,000 Work in process, May 31 Total units accounted for 33,000 75,000 68% 42,000 33,000 42,000 22,440 Work in process, May 1 Costs incurred during May Total costs to account for Direct Material $127,300 236,450 $363,750 Conversion Total $ 567,600 $ 694,900 2,515,854 $3,083,454 2,752,384 $3,447,284 2. Prepare a journal entry to record the transfer of the cost of goods completed and transferred out during May. (If no entry is required for a transaction/event, select "No Journal entry required" in the first account field.) View transaction st Journal entry worksheet Record the transfer of cost of goods completed and transferred out. Note: Enter debits before credits. Transaction 1 General Journal Debit Credit Record entry Clear entry View general journal Required Information [The following information applies to the questions displayed below.] Triangle Fastener Corporation accumulates costs for its single product using process costing. Direct material is added at the beginning of the production process, and conversion activity occurs uniformly throughout the process. A partially completed production report for the month of May follows. Production Report For the Month of May Physical Units Percentage of Completion with Respect to Conversion Equivalent Units Direct Material Conversion Work in process, May 1 30,000 39% Units started during May 45,000 Total units to account for 75,000 Units completed and transferred out during May 42,000 Work in process, May 31 Total units accounted for 33,000 75,000 68% 42,000 33,000 42,000 22,440 Work in process, May 1 Costs incurred during May Total costs to account for Direct Material $127,300 236,450 $363,750 Conversion Total $ 567,600 $ 694,900 2,515,854 $3,083,454 2,752,384 $3,447,284 2. Prepare a journal entry to record the transfer of the cost of goods completed and transferred out during May. (If no entry is required for a transaction/event, select "No Journal entry required" in the first account field.) View transaction st Journal entry worksheet Record the transfer of cost of goods completed and transferred out. Note: Enter debits before credits. Transaction 1 General Journal Debit Credit Record entry Clear entry View general journal