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Please answer all parts for positive feedback :) Tamar Company manufactures a single product in two departments: Forming and Assembly. Information for the Forming process
Please answer all parts for positive feedback :)
Tamar Company manufactures a single product in two departments: Forming and Assembly. Information for the Forming process for May follows. Direct Materials Percent Complete 100% Conversion Percent Complete 40% Beginning work in process inventory Units started this period Units completed and transferred out Ending work in process inventory Units 6,750 48,600 49,950 5,400 100% 80% $ 44,550 499,365 $ 543,915 Beginning work in process inventory Direct materials Conversion Costs added this period Direct materials Conversion Total costs to account for 1,117,800 4,873,365 5,991,165 $ 6,535,080 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. Required 1 Required 2 Prepare the Forming department's production cost report for May using FIFO. (Round "Cost per EUP" to 2 decimal places.) TAMAR COMPANY-Forming Department Production Cost Report - FIFO Method For Month Ended May 31 Unit reconciliation: Units to account for: Total units to account for Units accounted for: Total units accounted for Equivalent units of production (EUP) Equivalent units of production (EUP) Direct Materials Conversion Units % Added EUP % Added EUP 0 Equivalent Units of Production Cost per equivalent unit of production Direct Materials Conversion EUP 0 EUP 0 0 0 - Equivalent units of ction Cost per equivalent unit of production Cost Assignment Beginning work in process To complete beginning work in process Direct materials Conversion Cost per EUP EUP Total cost $ 0 EUP Started and completed Cost per Total cost EUP $ 0 Direct materials Conversion $ 0.00 Completed and transferred out Cost per Ending work in process EUP Direct materials Conversion EUP Total cost 0.00 $ 0.00 0 0 Total costs accounted for Journal entry worksheet 1 Record the transfer of goods to next department. Note: Enter debits before credits. General Journal Debit Credit Date May 31 Am Journal entry worksheet Record the transfer of goods to next department. Note: Enter debits before credits. General Journal Debit Credit Date May 31 Accounts payable Accounts receivable Cash Common stock Cost of goods sold Record el iew general journal Journal entry worksheet 1 > Record the transfer of goods to next department. Note: Enter debits before credits. General Journal Debit Credit Date May 31 Sales Selling expenses Utilities expense Work in process inventory-Assembly Work in process inventory-Forming Record er jew general journalStep by Step Solution
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