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Required information Problem 16-5AA 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 one department. All direct materials are added at the beginning of the manufacturing process. Conversion costs are added evenly throughout the process. During May, the company completed and transferred 22,200 units of product to finished goods inventory. Its 3,000 units of beginning work in process consisted of $19,800 of direct materials and $221.940 of conversion costs. It has 2,400 units (100% complete with respect to direct materials and 80% complete with respect to conversion) in process at month-end. During the month $496,800 of direct material costs and $2,165,940 of conversion costs were charged to production, . 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 Assume that Tamar uses the FIFO method to account for its process costing system. Problem 16.5A Part 1 1. Prepare the company's process cost summary for May using the FIFO method. (Round "Cost per EUP" to 2 decimal places) Total costat enunt for Cost of beginning work in process $ 241,740 Coincurred is period 2.662.740 Tolosi lo account for $ 2,904 480 Tout costs counted for Difference due to rounding content $ 0 United Units to account for Beginning work in process inventory 3,000 Unit warted his penod 21.600 Total units to account for 24,500 Total units accounted for Un completed and transferred out 22 200 Ending work in process units 2.400 Total units accounted for 24,500 Events of production - FIFO method Units Materiale Cleaning work in process inventory 3000 ON Lasarted and completed is period 100% Ending work processus 100% Total units Cont palvelunkt of production Costs incurred this period EUP. Materiale Conversion EUP Conversion 1.800 60% 100% 50% Conversion Costs EUP Costs EUP 0 0 - Et units of production Cost per equivalent writ of production frounded to 2 de Tout counted for Beginventory Cost Cost to complete beginning inventory Det mes Conversion Tool to complete beginning inventory To cool units in beginning inverter Colored and completed EUP Cost per EUP Total cost 5 o CUP Cost per EUP Total cost $ 0 Con Tal colors and and completed Tocou own transferred 0.00 EUP Couter EUP Tot Case of digo po Direct materials Cone Tuottending on 0.00 0.00 5 Problem 16-5A Part 2 2. Prepare the journal entry dated May 31 to transfer the cost of completed units to finished goods inventory. View transaction list Journal entry worksheet