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 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 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. Beginning work in process consisted of 3,000 units that were 100% complete with respect to direct materials and 40% complete with respect to conversion. Of the 22,200 units completed, 3,000 were from beginning work in process. The remaining 19.200 were units started and completed during May. Assume that Tamar uses the FIFO method to account for its process costing system. Problem 16-5A Part 1 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 $ 241,740 Costs incurred this period 2.662,740 Total costs to account for $ 2,904,480 Total costs accounted for 466,200 Difference due to rounding cost/unit $ 2,438,280 Unit reconciliation: Units to account for: Beginning work in process inventory-units 3,000 Units started this period 21.600 Required information Equivalent units of production (EUP)-FIFO method Units completed and transferred out Units completed and transferred out Units 22.200 2,400 Total units 24.600 Cost per equivalent unit of production 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 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 Costs of ending work in process Direct materials Conversion Total cost of ending work in process Total costs accounted for %Materials EUP- Materials % Conversion EUP- Conversion Materials 0 Costs Costs EUP EUP 0 EUP Cost per EUP Total cost $ 0 EUP Cost per EUP Total cost 22,200 $ 22,200 $ 21.00 $ 0.00 466.200 EUP Cost per EUP 2,400 $ 1,920 $ 0.00 $ 0.00 Total cost 0 0 406,200 466,200 $ 486,200 Conversion w transaction list Bournal entry worksheet < 1 Record the transfer of goods to finished goods inventory. ote: Enter debits before credits. Date May 31 completed units to finished goods inventory. General Journal Debit Credit Record entry Clear entry View general journal