Help Save & Ch Problem 20-5AA FIFO: Process cost summary; equivalent units; cost estimates LO C3, C4, P4 [The following information applies to the questions displayed below] 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 May, the Forming department started 29.250 units, and transferred 30,700 units of product to the Assembly department its 4700 units of beginning work in process consisted of $140,275 of direct materials and $982152 of conversion costs. It has 3.250 units (100% complete with respect to direct materials and 80% complete with respect to conversion) in process at month end During the month, $640,575 of direct materials costs and $3,280,248 of conversion costs were charged to the Forming department. The following additional information is available for the Forming department Beginning work in process consisted of 4.700 units that were 100% complete with respect to direct materials and 40% complete with respect to conversion Of the 30,700 units transferred out, 4700 were from beginning work in process. The remaining 26,000 were units started and completed during May. Assume that Tamar uses the FIFO method to account for its process costing system -5 Problem 20-5AA Part 2 2. Prepare the journal entry dated May 31 to transfer the cost of units to Assembly 7 of 9 140412112_41012 14127516521075...PO 141126135, 197809 559.jpg 140660600 90745.jpg O Bere to search PS DE FH FI & 7 9 8 $ 6 5 P. @ 2 4 3 Y U T R E w Q F G H J K D S A V NM . V B N All Help Journal entry worksheet Record the transfer of goods to next department. Note: Enter debits before credits. Date General Journal Debit Credit May 31 Record entry Clear entry View general journal 141275785230759 141126135 19780.9 PG 140412112_410829 74066060090745...JP9 search PAS & 7 0 9 $ 4 % 5 8 a 6 2 3 o W T E R K J H . G F D A S