Question
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.
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 two departments. All direct materials are added at the beginning of the Forming process. Conversion costs are added evenly throughout the process. During May, the Forming department started 29,700 units, and transferred 31,200 units of product to the Assembly department. Its 4,800 units of beginning work in process consisted of $117,600 of direct materials and $676,656 of conversion costs. It has 3,300 units (100% complete with respect to direct materials and 80% complete with respect to conversion) in process at month-end. During the month, $727,650 of direct materials costs and $3,485,664 of conversion costs were charged to the Forming department. The following additional information is available for the Forming department.
- Beginning work in process consisted of 4,800 units that were 100% complete with respect to direct materials and 40% complete with respect to conversion.
- Of the 31,200 units transferred out, 4,800 were from beginning work in process. The remaining 26,400 were units started and completed during May.
Assume that Tamar uses the FIFO method to account for its process costing system.
1. Prepare the Forming departments process cost summary for May using the FIFO method. (Round "Cost per EUP" to 2 decimal places.)
s 0 Total costs to account for: Cost of beginning work in process Costs incurred this period Total costs to account for: Total costs accounted for Difference due to rounding cost/unit Unit reconciliation: Units to account for: $ 0 Total units to account for Total units accounted for: Total units accounted for Equivalent units of production (EUP)- FIFO method Units % Materials EUP-Materials % Conversion EUP-Conversion 0 Total units Required information Total units Cost per equivalent unit of production Materials Conversion Costs EUP Costs EUP 0 0 0 0 Cost per EUP Total cost $ 0 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 Conversion Total cost of units started and completed Total cost of units transferred out Cost per EUP Total cost 0 0.00 Costs of ending work in process EUP Total cost Direct materials Cost per EUP S 0.00 $ 0.00 $ 0 0 Conversion Total cost of ending work in process Total costs accounted for
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