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 24,200 units of product to finished goods Inventory. Its 3,400 units of beginning work in process consisted of $105,260 of direct materials and $467,900 of conversion costs. It has 2,600 units (100% complete with respect to direct materials and 80% complete with respect to conversion) in process at month-end. During the month, $503,100 of direct material costs and $2,554,300 of conversion costs were charged to production Beginning work in process consisted of 3,400 units that were 100% complete with respect to direct materials and 40% complete with respect to conversion . Of the 24,200 units completed, 3,400 were from beginning work in process. The remaining 20,800 were units started and completed during May Assume that Tamar uses the FIFO method to account for its process costing system. 1. Prepare the company's process cost summary for May using the FIFO method. (Round "Cost per EUP to 2 decimal places.) Total costs to account for: Cost of beginning work in process Total costs to account for: Total costs accounted for Difference due to rounding cost/unit Unit reconciliation: Units to account for: Total units to account for Total units accbunted for: Total units accounted for Equivalent units of production (EUP)- FIFO method Units % Materials EUPMaterials % Conversion EUP- Conversion Total units Cost per equivalent unit of production Materials Conversion Costs EUP Costs EUP Cost per EUP Total cost Total costs Equivalent units of production Cost per equivalent unit of production (rounded to 2 decimals) Total costs accounted for: Beginning Inventory Cost: Cost to complete beginning inventory EUP Direct materials Conversion Total cost to complete beginning inventory Total cost of units in beginning inventory Cost of units started and completed EUP Direct materials Cost per EUP Total cost Direct materials Conversion Total cost of units started and completed Total cost of units transferred out EUP Cost per EUP Total cost Costs of ending work in process Direct materials Conversion Total cost of ending work in process Total costs accounted for 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 1 Record the transfer of goods to finished goods inventory. Note: Enter debits before credits Date General Journal Debit Credit May 31 Record entry Clear entry View general Journal