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. Beginning work in process inventory Units started this period Units completed and transferred out Ending work in process inventory Beginning work in process inventory Direct materials Conversion Costs added this period. Direct materials Conversion Total costs to account for Units 3,750 27,000 27,750 3,000 $ 24,750 277,425 621,000 2,707,425 Direct Materials Percent Complete 100% 100% $ 302,175 3,328,425 $ 3,630,600 Conversion Percent Complete 40% 80% Required: 1. Prepare the Forming department's production cost report for May using the weighted average method. 2. Prepare the May 31 journal entry to transfer the cost of units from Forming to Assembly. Unit reconciliation: Units to account for: Total units to account for Units accounted for: TAMAR COMPANY-Forming Department Production Cost Report-Weighted Average Method For Month Ended May 31 Total units accounted for Equivalent units of production (EUP) Equivalent Units of Production Cost per equivalent unit of production Total costs Units Direct Materials % Complete Costs EUP Materials. Conversion % Complete Costs EUP Conversion Required information Equivalent Units of Production Cost per equivalent unit of production Total costs -Equivalent units of production Cost per equivalent unit of production Cost Assignment Completed and transferred out Direct materials Conversion Ending work in process Direct materials Conversion Total costs accounted for Units EUP Direct Materials % Complete Costs EUP Cost per EUP EUP Materials Total cost Conversion % Complete Costs EUP EUP Conversion Tamar Company manufactures a single product in two departments: Forming and Assembly. Information for the Forming process for May follows. Beginning work in process inventory Units started this period Units completed and transferred out Ending work in process inventory Beginning work in process inventory Direct materials Conversion Costs added this period. Direct materials Conversion Total costs to account for Units 3,750 27,000 27,750 3,000 $ 24,750 277,425 621,000 2,707,425 Direct Materials Percent Complete 100% 100% $ 302,175 3,328,425 $ 3,630,600 Conversion Percent Complete 40% 80% Required: 1. Prepare the Forming department's production cost report for May using the weighted average method. 2. Prepare the May 31 journal entry to transfer the cost of units from Forming to Assembly. Unit reconciliation: Units to account for: Total units to account for Units accounted for: TAMAR COMPANY-Forming Department Production Cost Report-Weighted Average Method For Month Ended May 31 Total units accounted for Equivalent units of production (EUP) Equivalent Units of Production Cost per equivalent unit of production Total costs Units Direct Materials % Complete Costs EUP Materials. Conversion % Complete Costs EUP Conversion Required information Equivalent Units of Production Cost per equivalent unit of production Total costs -Equivalent units of production Cost per equivalent unit of production Cost Assignment Completed and transferred out Direct materials Conversion Ending work in process Direct materials Conversion Total costs accounted for Units EUP Direct Materials % Complete Costs EUP Cost per EUP EUP Materials Total cost Conversion % Complete Costs EUP EUP Conversion
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