I us 1 JO Problem 16-5AA FIFO: Process cost summary; equivalent units; cost estimates C30 C4 @ P4Q Refer to the data in Problem 16-4A. Assume that Tamar uses the FIFO method to account for its process costing system. The following additional information is available: Beginning work in process consisted of 3,000 units that were 100% complete with respect to direct materials and 40% complete with respect to conversion. Of the 22,200 units completed, 3,000 were from beginning work in process. The remaining 19,200 were units started and completed during May. Required 1. Prepare the company's process cost summary for May using FIFO. Check (1) EUP for conversion, 22,920 2. Prepare the journal entry dated May 31 to transfer the cost of completed units to finished goods inventory. (2) Cost transferred out to finished goods, $2,667,840 I us 1 JO Problem 16-5AA FIFO: Process cost summary; equivalent units; cost estimates C30 C4 @ P4Q Refer to the data in Problem 16-4A. Assume that Tamar uses the FIFO method to account for its process costing system. The following additional information is available: Beginning work in process consisted of 3,000 units that were 100% complete with respect to direct materials and 40% complete with respect to conversion. Of the 22,200 units completed, 3,000 were from beginning work in process. The remaining 19,200 were units started and completed during May. Required 1. Prepare the company's process cost summary for May using FIFO. Check (1) EUP for conversion, 22,920 2. Prepare the journal entry dated May 31 to transfer the cost of completed units to finished goods inventory. (2) Cost transferred out to finished goods, $2,667,840