Problem 20-5AA 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 26,550 units, and transferred 27700 units of product to the Assembly department. Its 4100 units of beginning work in process consisted of $56 115 of direct materials and $888.720 of conversion costs. It has 2.950 units (100% complete with respect to direct materials and 80% complete with respect to conversion) in process at month-end. During the month. $661,095 of direct materials costs and $2,898,840 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 4100 units that were 100% complete with respect to direct materials and 40% complete with respect to conversion . Of the 27700 units transferred out, 4.100 were from beginning work in process. The remaining 23,600 were units started and completed during May. Assume that Tamar uses the FIFO method to account for its process costing system, Problem 20-5AA Part 1 1. Prepare the Forming department's process cost summary for May using the FIFO method. (Round "Cost per EUP" to 2 decimal places.) Total costs to account for: Total costs to account for Total costs accounted for Difference due to rounding costunit Unit reconciliation: Units to account for 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 Total units Cost per equivalent unit of production Materials Conversion Total costs - Equivalent units of production Cost per equivalent unit of production (rounded to 2 decimals) Costs EUP Costs EUP Cost per EUP Total cost EUP Total costs accounted for: Beginning Inventory Cost Cost to complete beginning inventory Direct materials Conversion Total cost to complete beginning inventory Total cost of units in beginning inventory Cost of units started and completed Direct materials Conversion Total cost of units started and completed Total cost of units transferred out Cost per EUP Total cost EUP Cost per EUP Costs of ending work in process Total cost EUP Direct materials Conversion Total cost of ending work in process Total costs accounted for Problem 20-5AA Part 2 2. Prepare the journal entry dated May 31 to transfer the cost of units to Assembly View transaction list Journal entry worksheet Record the transfer of goods to next department. Note: Enter debits before credits Date General Journal Debit Credit May 31