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. Answer is not complete. Total costs to account for: ts $ 241.740 2,662,740 $ 2,904,480 $ 0 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 3,000 21,600 24,600 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 22,200 2,400 24,600 Units % Materials 100% EUP Materials 19.800 2.400 % Conversion 100% EUP Conversion 19,800 Beginning work in process inventory - units Units started and completed this period 19,800 x 2,400 100% 80% 1.920 Total units 22,200 Materials Conversion 22,2VU Cost per equivalent unit of production It 1 of 2 Materials Conversion Total costs Costs EUP Costs 0 EUP 0 ts - Equivalent units of production Cost per equivalent unit of production (rounded to 2 decimals) Total costs accounted for: Beginning Inventory Cost: 0 0 Cost per EUP EUP Total cost IS 0 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 EUP Cost per EUP Total cost Direct materials 15 0 $ 0.00 Conversion Total cost of units started and completed Total cost of units transferred out Costs of ending work in process Cost per EUP Total cost Direct materials EUP 0.00 $ 1$ 0 Conversion |$ 0.00 0 Total cost of ending work in process Total costs accounted for