Required information

Problem 20-4A Weighted average: Process cost summary, equivalent units, cost estimates LO C2, C3, 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 23,000 units of product to finished goods inventory. Its 5,300 units of beginning work in process consisted of $17,200 of direct materials and $325,440 of conversion costs. It has 3,550 units (100% complete with respect to direct materials and 80% complete with respect to conversion) in process at month-end. During the month, $460,700 of direct material costs and $2,465,280 of conversion costs were charged to production.

Problem 20-4A Part 1

1. Prepare the companys process cost summary for May using the weighted-average method.

Problem 20-4A Part 2

2. Prepare the journal entry dated May 31 to transfer the cost of completed units to finished goods inventory. (Do not round intermediate calculations. Round your final answers to the nearest whole dollar.)

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: 0 Total units to account for Total units accounted for: Total units accounted for Equivalent units of production (EUP)- weighted average method EUP Conversion Units % Materials EUP-Materials % Conversion Total units Cost per equivalent unit of production Materials Conversion Costs Total costs Equivalent units of production Cost per equivalent unit of production Total costs accounted for: Cost of units transferred out: Costs EUP EUP 0 0 Cost per EUP EUP Total cost Direct materials Conversion Total costs transferred out Cost per EUP Costs of ending work in process EUP Total cost 0.00$ Direct materials Conversion 0.00 Total cost of ending work in process Total costs accounted for Journal entry worksheet Record the transfer of goods to finished goods inventory Note: Enter debits before credits Date General Journal Credit Debit May 31