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Drop Down Options: Required information [The following information applies to the questions displayed below.] Tamar Co. manufactures a single product in one department. All direct
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Required information [The following information applies to the questions displayed below.] Tamar Co. manufactures a single product in one department. All direct materlals are added at the beginning of the manufacturing process. Direct labor and overhead are added evenly throughout the process. The company uses monthly reporting perlods for Its welghted-average process cost accounting. During May, the company completed and transferred 22,200 unlts of product to finished goods inventory. Its 3,000 units of beginning goods in process consisted of $19,800 of direct materlals, $123,300 of direct. labor, and $98,640 of factory overhead. It has 2,400 units (100\% complete with respect to direct materlals and 80% complete with respect to direct labor and overhead) in process at month-end. After entrles to record direct materlals, direct labor, and overhead for May, the company's Goods in Process Inventory account follows. - Beginning goods in process consisted of 3,000 units that were 100% complete with respect to direct materlals and 40% complete with respect to direct labor and overhead. - Of the 22,200 units completed, 3,000 were from beginning goods in process. The remaining 19,200 were unlts started and completed during May. Assume that Tamar uses the FIFO method to account for Its process costing system. Prepare the company's process cost summary for May using the FIFO method. (Round "Cost per EUP" to 2 decimal places.) Costs of beginning goods in process Costs incurred this period Raw material purchases Cost of goods manufacturedStep by Step Solution
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