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 31,200 units of product to finished goods inventory. 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 material costs and $3,485,664 of conversion costs were charged to production. 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 completed, 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 16-5A 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: Total costs to account for: Total costs accounted for Difference due to rounding cost/unit 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 Costs EUP Costs EUP Cost per EUP Total cost - 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 Conversion Total cost of units started and completed Total cost of units transferred out Cost per EUP Total cost EUP Cost per EUP Total cost Costs of ending work in process Direct materials Conversion Total cost of ending work in process Total costs accounted for