Tamar Co. manufactures a single product in one department. All direct materials are added at the...

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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 26,700 units of product to finished goods inventory. Its 3,900 units of beginning work in process consisted of $67,395 of direct materials and $1,034,808 of conversion costs. It has 2,850 units (100% complete with respect to direct materials and 80% complete with respect to conversion) in process at month-end. During the month, $618,165 of direct material costs and $2,703,612 of conversion costs were charged to production. ● Beginning work in process consisted of 3,900 units that were 100% complete with respect to direct materials and 40% complete with respect to conversion. • Of the 26,700 units completed, 3,900 were from beginning work in process. The remaining 22,800 were units started and completed during May. Assume that Tamar uses the FIFO method to account for its process costing system. Problem 16-5A Part 1 1. Prepare the company's process cost summary for May using the FIFO method. (Round "Cost per EUP" to 2 decimal places.) Total costs to account for: Cost of beginning work in process $ 3,900 Cost of goods manufactured $ 22,800 Total costs to account for: $ 26,700 Total costs accounted for Difference due to rounding cost/unit $ 0 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 Units % Materials EUP- Materials % Conversion 0 Total units Cost per equivalent unit of production Materials Total costs Costs + Equivalent units of production EUP Cost per equivalent unit of production (rounded to 2 decimals) 0 0 Costs EUP EUP- Conversion Conversion 0 0 Total costs accounted for: Beginning Inventory Cost: Cost to complete beginning inventory Direct materials Conversion Cost of units started and completed Direct materials Conversion Total cost to complete beginning inventory Total cost of units in beginning inventory Total cost of units started and completed Total cost of units transferred out Costs of ending work in process Direct materials Conversion Total cost of ending work in process Total costs accounted for EUP EUP EUP Cost per EUP Cost per EUP $ 0.00 Cost per EUP $ $ 0.00 0.00 Total cost 0 Total cost 0 Total cost 0 0 Problem 16-5A Part 2 2. Prepare the journal entry dated May 31 to transfer the cost of completed units to finished goods inventory. View transaction list Journal entry worksheet < 1 Record the transfer of goods to finished goods inventory. Note: Enter debits before credits. Date General Journal May 31 Clear entry Record entry Debit Credit View general journal 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 26,700 units of product to finished goods inventory. Its 3,900 units of beginning work in process consisted of $67,395 of direct materials and $1,034,808 of conversion costs. It has 2,850 units (100% complete with respect to direct materials and 80% complete with respect to conversion) in process at month-end. During the month, $618,165 of direct material costs and $2,703,612 of conversion costs were charged to production. ● Beginning work in process consisted of 3,900 units that were 100% complete with respect to direct materials and 40% complete with respect to conversion. • Of the 26,700 units completed, 3,900 were from beginning work in process. The remaining 22,800 were units started and completed during May. Assume that Tamar uses the FIFO method to account for its process costing system. Problem 16-5A Part 1 1. Prepare the company's process cost summary for May using the FIFO method. (Round "Cost per EUP" to 2 decimal places.) Total costs to account for: Cost of beginning work in process $ 3,900 Cost of goods manufactured $ 22,800 Total costs to account for: $ 26,700 Total costs accounted for Difference due to rounding cost/unit $ 0 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 Units % Materials EUP- Materials % Conversion 0 Total units Cost per equivalent unit of production Materials Total costs Costs + Equivalent units of production EUP Cost per equivalent unit of production (rounded to 2 decimals) 0 0 Costs EUP EUP- Conversion Conversion 0 0 Total costs accounted for: Beginning Inventory Cost: Cost to complete beginning inventory Direct materials Conversion Cost of units started and completed Direct materials Conversion Total cost to complete beginning inventory Total cost of units in beginning inventory Total cost of units started and completed Total cost of units transferred out Costs of ending work in process Direct materials Conversion Total cost of ending work in process Total costs accounted for EUP EUP EUP Cost per EUP Cost per EUP $ 0.00 Cost per EUP $ $ 0.00 0.00 Total cost 0 Total cost 0 Total cost 0 0 Problem 16-5A Part 2 2. Prepare the journal entry dated May 31 to transfer the cost of completed units to finished goods inventory. View transaction list Journal entry worksheet < 1 Record the transfer of goods to finished goods inventory. Note: Enter debits before credits. Date General Journal May 31 Clear entry Record entry Debit Credit View general journal

Answer rating: 100% (QA)

Solution A B 1 Total costs to account for 2 Cost of beginning goods in process 1102203 3 Costs incur... View the full answer