Required information Problem 20-5AA 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 28,200 units of product to finished goods inventory. Its 4,200 units of beginning work in process consisted of $73,980 of direct materials and $1,308,684 of conversion costs. It has 3,000 units (100% complete with respect to direct materials and 80% complete with respect to conversion) in process at month-end. During the month, $656,100 of direct material costs and $2,669,316 of conversion costs were charged to production Beginning work in process consisted of 4,200 units that were 100% complete with respect to direct materials and 40% complete with respect to conversion. Of the 28,200 units completed, 4,200 were from beginning work in process. The remaining 24,000 were units started and completed during May Assume that Tamar uses the FIFO method to account for its process costing system. Problem 20-5A 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 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 Total units accounted for: Units completed and transferred out Ending work in process - units Total units accounted for C Equivalent units of production (EUP)- FIFO method EUP- Conversion Units % Materials EUP- Materials % Conversion Beginning work in process inventory -units Units started and completed this period Ending work in process - units Total units 0 Cost per equivalent unit of production Materials Conversion Costs incurred this period Total costs Costs Costs Equivalent units of production EUP 0 EUP + Cost per equivalent unit of production (rounded to 2 decimals) C Total costs accounted for: Beginning Inventory Cost: Cost per EUP Cost to complete beginning inventory EUP Total cost C Direct materials Conversion Total cost to complete beginning inventory Total cost of units in beginning inventory Cost per EUP Cost of units started and completed EUP Total cost Direct materials 0 Conversion 0.00 Total cost of units started and completed Total cost of units transferred out EA Cost per Costs of ending work in process EUP Total cost EUP Direct materials 0.00 Conversion 0.00 Total cost of end ing work in process Total costs accounted for Problem 20-5A Part 2 2. Prepare the journal entry dated May 31 to transfer the cost of completed units to finished goods inventory View transaction list View journal emntry worksheet No Date General Journal Debit Credit Finished goods inventory Work in process inventory 1 May 31