Prepare the journal entry dated May 31 to transfer the cost of completed units to finished goods inventory.

PROBLEM 20-4A (page 885 in Fundamental Accounting Principles, 23 ed.) 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 the 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. 1. Prepare the company's process cost summary for may using weighted average method: Total cost to be accounted for of beginning work in process 19,800 S221 241,740 s incurred this period 496,800+$2,165 662,740 Total costs to account for otal cost to be accounted for due to r cost unt Unit reconcilitation: Units to be accounted for 3,000 21.600 work in nits started this period Total units to accounted for Total units accounted for and transeffered out 22,200 work in Total units accounted for Equivalent units of production (EUP)-Weighted average method EUP EUP Particulars Units Material Matia Conversion Conversion Units C and transferred out 22,200 100% 2.400 24,600 22,200 2.400 24,600 100% Ending work in process units Total units 24,120 ost per equivalent unit of production Materials Co of beginning work in process Cost incurred this Total costs 19,800 $496,800 221,940 S2,165,940 387,880 516,600 Costs 21 osts Total costs accounted for Cost per EUP Cost of units accounted for EUP Total cost Direct materials S21 $466,200 S99 S2,197,800 22,200 Total costs accounted out Cost per Cost of e Direct materials work in process EUP EUP Total cost $21 $50,400 99 S190,080 Total costs of Total costs accounted for: ($2,664,000 $240.4 work in $240,4 $2,904.480