Tamar Company manufactures a single product in two departments: Forming and Assembly. Information for the Forming...
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Tamar Company manufactures a single product in two departments: Forming and Assembly. Information for the Forming process for May follows. Direct Materials Conversion Units Percent Complete Percent Complete Beginning work in process inventory Units started this period 4,500 100% 40% 32,400 Units completed and transferred out Ending work in process inventory 33,300 3,600 100x 80% Beginning work in process inventory Direct materials Conversion Costs added this period Direct materials Conversion Total costs to account for $ 29,700 332,910 $362,610 745,200 3,248,918 3,994,110 $ 4,356,720 Assume that Tamar uses the FIFO method of process costing. The units started and completed for may total 19,200. Required: 1. Prepare the Forming department's production cost report for May using FIFO. 2. Prepare the May 31 journal entry to transfer the cost of units from forming to Assembly. Prepare the Forming department's production cost report for May using FIFO. Note: Round "Cost per EUP" to 2 decimal places. Unit reconciliation: Units to account for: Total units to account for Units accounted for: Total units accounted for Equivalent units of production (EUP) INGAR COMPANY omning Departmont Production Cost Report FIFO Method For Month Ended May 31 Direct Materials Units % Added Co EUP % Added Equivalent Units of Production Cost per equivalent unit of production Equivalent units of production Cost per equivalent unit of production Cost Assignment Beginning work in process To complete beginning work in process Direct materials Conversion Started and completed EUP En Xo helded 0 Direct Materials 0 EUP 0 EUP Cost per EUP Total cost 0 EUP Cost per EUP Total cost 2. Prepare the May 31 journal entry to transfer the To complete beginning work in process Direct materials Conversion Started and completed Direct materials Conversion Completed and transferred out Ending work in process Direct materials Conversion Total costs accounted for Cost per EUP Total cost EUP S 0 Cost per EUP Total cost EUP S 0 $ 0.00 EUP Cost per Total cost EUP $ 0.00 $ 0 $ 0.00 0 Journal entry worksheet 1 Record the transfer of goods to next department. Note: Enter debits before credits. Date May 31 General Journal Debit Credit Clear entry View general journal Record entry Tamar Company manufactures a single product in two departments: Forming and Assembly. Information for the Forming process for May follows. Direct Materials Conversion Units Percent Complete Percent Complete Beginning work in process inventory Units started this period 4,500 100% 40% 32,400 Units completed and transferred out Ending work in process inventory 33,300 3,600 100x 80% Beginning work in process inventory Direct materials Conversion Costs added this period Direct materials Conversion Total costs to account for $ 29,700 332,910 $362,610 745,200 3,248,918 3,994,110 $ 4,356,720 Assume that Tamar uses the FIFO method of process costing. The units started and completed for may total 19,200. Required: 1. Prepare the Forming department's production cost report for May using FIFO. 2. Prepare the May 31 journal entry to transfer the cost of units from forming to Assembly. Prepare the Forming department's production cost report for May using FIFO. Note: Round "Cost per EUP" to 2 decimal places. Unit reconciliation: Units to account for: Total units to account for Units accounted for: Total units accounted for Equivalent units of production (EUP) INGAR COMPANY omning Departmont Production Cost Report FIFO Method For Month Ended May 31 Direct Materials Units % Added Co EUP % Added Equivalent Units of Production Cost per equivalent unit of production Equivalent units of production Cost per equivalent unit of production Cost Assignment Beginning work in process To complete beginning work in process Direct materials Conversion Started and completed EUP En Xo helded 0 Direct Materials 0 EUP 0 EUP Cost per EUP Total cost 0 EUP Cost per EUP Total cost 2. Prepare the May 31 journal entry to transfer the To complete beginning work in process Direct materials Conversion Started and completed Direct materials Conversion Completed and transferred out Ending work in process Direct materials Conversion Total costs accounted for Cost per EUP Total cost EUP S 0 Cost per EUP Total cost EUP S 0 $ 0.00 EUP Cost per Total cost EUP $ 0.00 $ 0 $ 0.00 0 Journal entry worksheet 1 Record the transfer of goods to next department. Note: Enter debits before credits. Date May 31 General Journal Debit Credit Clear entry View general journal Record entry
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