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 5,850 42,120 43,290 4,680 Direct Materials Conversion Percent Percent Complete Complete 100% 40% 100% $ 38,610 432,783 $ 471,393 968, 760 4,223,583 5,192,343 5,663,736 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. 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 5,850 42,120 43,290 4,680 Direct Materials Conversion Percent Percent Complete Complete 100% 40% 100% $ 38,610 432,783 $ 471,393 968, 760 4,223,583 5,192,343 5,663,736 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.

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Required 1 Prepare the Forming departments production cost report for May using the weighted average ... View the full answer