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 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. Problem 16-5AA Part 2 the art of unite to Assembly