Tamar Company manufactures a single product in two departments: Forming and Assembly. Information for the Forming...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
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 3,300 23,760 24,420 2,640 $ 21,780 244, 134 546,480 2,382,534 Direct Materials Percent Complete 100% 100% Conversion Percent Complete 40% $ 265,914 2,929,014 $ 3,194,928 80% 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. Unit reconciliation: Units to account for: Beginning work in process Units started this period Total units to account for Units accounted for: Ending work in process Units started and completed Units started and completed Total units accounted for Equivalent units of production (EUP) Equivalent Units of Production Cost per equivalent unit of production + Equivalent units of production Cost per equivalent unit of production TAMAR COMPANY-Forming Department Production Cost Report - FIFO Method For Month Ended May 31 265,914 2,929,014 3,194,928 264,528 2,930,400 Units Direct Materials % Added EUP EUP 0 Direct Materials 0 0 Conversion % Added EUP EUP Conversion 0 0 Cost Assignment Beginning work in process 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 EUP EUP EUP Cost per EUP Cost per EUP $ 0.00 Cost per EUP $ $ $ $ 0.00 $ 0.00 Total cost Total cost Total cost 0 0 0 0 Journal entry worksheet < 1 Record the transfer of goods to next department. Note: Enter debits before credits. Date May 31 Record entry General Journal Clear entry Debit Credit View general journal > 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 3,300 23,760 24,420 2,640 $ 21,780 244, 134 546,480 2,382,534 Direct Materials Percent Complete 100% 100% Conversion Percent Complete 40% $ 265,914 2,929,014 $ 3,194,928 80% 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. Unit reconciliation: Units to account for: Beginning work in process Units started this period Total units to account for Units accounted for: Ending work in process Units started and completed Units started and completed Total units accounted for Equivalent units of production (EUP) Equivalent Units of Production Cost per equivalent unit of production + Equivalent units of production Cost per equivalent unit of production TAMAR COMPANY-Forming Department Production Cost Report - FIFO Method For Month Ended May 31 265,914 2,929,014 3,194,928 264,528 2,930,400 Units Direct Materials % Added EUP EUP 0 Direct Materials 0 0 Conversion % Added EUP EUP Conversion 0 0 Cost Assignment Beginning work in process 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 EUP EUP EUP Cost per EUP Cost per EUP $ 0.00 Cost per EUP $ $ $ $ 0.00 $ 0.00 Total cost Total cost Total cost 0 0 0 0 Journal entry worksheet < 1 Record the transfer of goods to next department. Note: Enter debits before credits. Date May 31 Record entry General Journal Clear entry Debit Credit View general journal >
Expert Answer:
Related Book For
Posted Date:
Students also viewed these accounting questions
-
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....
-
Tamar Co. manufactures a single product in two departments. All direct materials are added at the beginning of the Forming process. Conversion costs are added evenly throughout the process. During...
-
Juniper Company manufactures a single product in two departments, Cutting and Finishing. Units of product are started in the Cutting Department and then transferred to the Finishing Department, where...
-
What type of motor would you specify for a meat grinder if the motor is to be exposed?
-
Pal Corporation purchased for cash 6,000 shares of voting common stock of Sap Corporation at $16 per share on July 1, 2011. On this date, Saps equity consisted of $100,000 of $10 par capital stock,...
-
bret Farve refuses to pay Clay Matthews $500 in cash on their contract to repair certain football training equipment, which Clay Matthews still possesses. Clay Matthewss lien on the football training...
-
On January 1, 2015, Tradiciones, Inc., established Tradiciones de Mexico, a wholly-owned, self-sustaining Mexican subsidiary with assets valued at 48 million pesos. The peso (P) is the functional...
-
The Tech football coaching staff has six basic plays it runs every game. Tech has an upcoming game against State on Saturday, and the coaches know State employs five different defenses. The coaches...
-
You manage a life-style apparel brand and are trying to expand your customer base. Your investment team provides you with the following proposal: to attract more customers, you will provide a...
-
Find a parabola y = ax2 + bx + c that passes through the point (1, 4) and whose tangent lines at x = -1 and x = 5 have slopes 6 and - 2, respectively.
-
Write an op-ed on the current state of the national security process?
-
Does interest accrue for a Treasury note or bond accrue at the same rate every semiannual coupon period?
-
Define joint costs, split-off point and further processing costs.
-
The growth of accrued interest takes place independently of changes in the interest rate environment. Do you agree or disagree with this statement? Explain your reasoning.
-
If yields are unchanged, explain why the price of a coupon bond selling at a premium decreases as its maturity date approaches.
-
If yields are unchanged, explain why the price of a coupon bond selling at a discount increases as its maturity date approaches.
-
Following is a partial production cost report for Mitchell Manufacturing's Canning department. Equivalent units of production (EUP) Direct Materials Percent Conversion Units Complete EUP Percent...
-
Thalina Mineral Works is one of the worlds leading producers of cultured pearls. The companys condensed statement of cash flows for the years 20182020 follows. Required Comment on Thalina Mineral...
-
Gomez Company has two service departments (Personnel and Office) and two operating departments (Shoes and Clothing). Following are the direct expenses and square feet occupied by the four...
-
Bonanza has two operating departments (Movies and Video Games) and one service department (Office). Its departmental income statements follow. Indirect expenses and service department expenses...
-
Legacy issues $325,000 of 5%, four-year bonds dated January 1, 2021, that pay interest semiannually on June 30 and December 31. They are issued at $292,181 when the market rate is 8%. Required 1....
-
In Example 15-2, operation is at a pseudo-steady state. Brainstorm alternative designs for this diffusion measurement. Example 15-2 Pure ethanol is contained at the bottom of a long, vertical tube...
-
Develop roleplays to illustrate: a. The difference between ordinary and Knudsen diffusion. b. The difference between Fickian and Maxwell-Stefan diffusion.
-
Think of an experiment to measure diffusion coefficients that you could set up at home or in your apartment. Detail the equipment list. Estimate the amount of change you will observe. Will you be...
Study smarter with the SolutionInn App