! 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 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 23,400 units, and transferred 24,200 units of product to the Assembly department. 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 materials costs and $2,554,300 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 3,400 units that were 100% complete with respect to direct materials and 40% complete with respect to conversion. . Of the 24,200 units transferred out, 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. Problem 16-5AA 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.) 1. Prepare the Forming department's process cost summary for May using the FIFO method. (Round "Cost per EUP" to 2 decimal places.) $ 573,160 3,057,400 3,630,560 $ $ $ 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: Beginning work in process inventory - units Units started this period Total units to account for Total units accounted for: Units completed and transferred out Ending work in process - units Total units accounted for Equivalent units of production (EUP)- FIFO method 3,400 24,200 2,600 26,800 Units % Materials EUP- Materials % Conversion EUP-Conversion 3,400 20,800 2,600 24,200 0% 100% 100% 0 20,800 2,600 23,400 Materials 60% 100% 80% 2,040 20,800 2,080 24,920 Conversion Beginning work in process inventory - units Units started and completed this period Ending work in process - units Total units Cost per equivalent unit of production Costs incurred this period Total costs - Equivalent units of production Cost per equivalent unit of production (rounded to 2 decimals) Total costs accounted for: Costs EUP Costs EUP 23,400 0.00 24,920 0.00 HA $ Equivalent units of production (EUP)- FIFO method Units % Materials 0% 100% 100% EUP - Materials 0 20,800 2,600 23,400 Materials % Conversion EUP-Conversion 60% 2,040 100% 20,800 80% 2,080 24,920 Conversion Costs EUP Costs EUP 23,400 0.00 24,920 0.00 $ $ Beginning work in process inventory - units 3,400 Units started and completed this period 20,800 Ending work in process - units 2,600 Total units 24,200 Cost per equivalent unit of production Costs incurred this period 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 20,800 Conversion 20,800 $ Total cost of units started and completed Total cost of units transferred out Cost per EUP Total cost 0 $ Cost per Total cost EUP $ 0 0.00 Costs of ending work in process Direct materials Conversion Total cost of ending work in process Total costs accounted for Cost per EUP Total cost EUP 2,600 $ 0.00 $ 2,080 $ 0.00 0 0 0 $ 0 2. Prepare the journal entry dated May 31 to transfer the cost of units to Assembly. View transaction list Journal entry worksheet 1 Record the transfer of goods to next department. Note: Enter debits before credits. General Journal Debit Credit Date May 31 Record entry Clear entry View general journal